Cobalt Corporation Acquires Accord Behavioral Health.Business Editors MILWAUKEE--(BUSINESS WIRE)--April 2, 2001 Cobalt Corporation, formerly United Wisconsin Services, Inc., has completed the acquisition of the assets of Accord Behavioral Health, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a behavioral health and employee assistance program (EAP (Extensible Authentication Protocol) A protocol that acts as a framework and transport for other authentication protocols. EAP uses its own start and end messages, but then carries any number of third-party messages between the client (supplicant) and access control ) firm based in Chicago, Illinois. The purchase involves approximately 170,000 behavioral health and EAP lives, primarily in Illinois. The business will be integrated into Cobalt Corporation's specialty health care subsidiary Innovative Resource Group. Innovative Resource Group, based in Waukesha, Wisconsin, provides services to nearly 1.9 million people internationally. Through its regional offices, Innovative Resource Group services the behavioral, medical and worker's compensation management needs of self-funded employers, government entities, health plans and insurers. "The addition of these behavioral health and EAP lives further strengthens the position and commitment of Innovative Resource Group to the behavioral health marketplace," said James Hartert, M.D., President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Innovative Resource Group and Vice President and Chief Medical Officer of Cobalt Corporation. Thomas Hefty, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cobalt Corporation, said, "This acquisition exemplifies Cobalt Corporation's commitment to growth through strategic acquisition." Cobalt Corporation has signed agreements with Accord effective April 1, 2001. Specific terms of the acquisition were not disclosed and the transaction is not subject to regulatory approval, but is expected to be accretive to earnings. Cobalt Corporation is one of the leading, publicly traded managed care companies in the nation, offering a diverse portfolio of complementary insurance and managed care products to employer, individual, insurer and government customers. Headquartered in Milwaukee and formed by the combination of Blue Cross & Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. United of Wisconsin and United Wisconsin Services, Inc., Cobalt Corporation (NYSE NYSE See: New York Stock Exchange : CBZ CBZ Carbamazepine CBZ Carbobenzoxy CBZ Centrale Burgerlijke Ziekeninrichting (Dutch) ) serves 2 million lives in 49 states. For more information, visit our Web site at www.cobaltcorporation.com The Internet address for Innovative Resource Group is www.IRGresources.com |
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