Posted 8/3/2009 02:07 pm
Updated 2 years ago
QualChoice of Arkansas Inc. of Little Rock announced Monday that it has entered a definitive agreement to acquire Community Bank Life & Health Insurance Co. Inc. of Hot Springs in an all cash transaction, according to a QualChoice release.
The release does not disclose how much the Arkansas insurance company will pay for CBL and the transaction is subject to approval by the Arkansas Insurance Department. Upon the deal's completion the new subsidiary will be known as QualChoice Life & Health Insurance Co.
The deal will enable QualChoice to expand its health insurance offerings to include preferred provider organization and indemnity health insurance products, according to the release. The purchase will also allow QualChoice to offer life insurance policies, a company spokesman said.
"QualChoice is committed to bringing the best ideas, innovations and practices in health management and benefits administration to our customers," said Michael Stock, the insurance company's president and CEO. "With the acquisition of CBL we will have the ability to expand our product offerings and to serve additional sectors of the health benefits market as we strive to fulfill our goal of serving all market segments in meeting the health benefit needs of Arkansans.
QualChoice is headquartered in Little Rock and operates an office in Springdale. CBL is owned by the Arkansas Community Bankers Association of Hot Springs.