GuideWell Mutual Holding Corp., the Jacksonville-based parent of Florida Blue, said Feb. 1 it completed the acquisition of Triple-S Management Corp.
San Juan-based Triple-S is the Puerto Rican licensee of the Blue Cross Blue Shield insurance brand.
Triple-S now is a subsidiary of GuideWell that will continue to operate under the same management.
“The combination will result in a well-diversified industry leader, strongly positioned to compete effectively, and invest substantially to accelerate our strategies and drive improved health outcomes for the benefit of our diverse populations,” GuideWell CEO Pat Geraghty said in a news release.
The $900 million deal was announced in August and Triple-S shareholders approved it in December.
Triple-S, which was publicly traded, was expecting to report $4 billion in revenue for 2021.
GuideWell, a not-for-profit mutual holding company that does not publicly report its financial results, has said its annual revenue is about $20 billion.