The transaction is subject to regulatory approval. Terms were not disclosed.
CHA Health is a Kentucky-based health plan with approximately 96,000 members serving employers in the commonwealth. With headquarters in Lexington and a Louisville branch, CHA Health was founded in 1991 by Kentucky medical providers committed to providing outstanding medical care, affordable and flexible health plans and improved access to health care and personal service. The University of Kentucky is CHA's majority shareholder.
"We are looking forward to expanding Humana's presence and commitment across the Commonwealth of Kentucky through the acquisition of CHA Health," said Jeff Bringardner, president of Humana's commercial operations in Kentucky. "With the addition of the Commonwealth of Kentucky account to Humana earlier this year, and the acquisition of CHA Health, Humana will be working to compete for commercial business throughout Kentucky - especially in areas outside the population centers of Louisville, Lexington and Northern Kentucky, where Humana has traditionally been strong."
The acquisition will also enable Humana to bring its industry leading technology, web-based health-benefits applications and focus on consumerism in health care to CHA's current members and employer groups.
"This transaction will help ensure that all our resources at UK HealthCare are completely focused on our mission of caring for patients -- through the best clinical care and most advanced medical research," said Dr. Michael Karpf, University of Kentucky executive vice president for health affairs. "With our attention focused squarely on our clinical services, we will continue to build our nationally recognized programs, recruit renowned physicians and researchers, provide highly specialized care on our Lexington campus and help local providers enhance their capabilities. We look forward to the opportunity to work with Humana, a highly-qualified national insurer based here in this state, as we make this transition."
This news release contains forward-looking statements. The forward-looking statements made in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described in the following documents, as filed by Humana with the Securities and Exchange Commission:
-- Form 10-K for the year ended December 31, 2004;
-- Form 10-Qs for the quarters ended March 31, 2005, June 30, 2005, and September 30, 2005.
Humana Inc., headquartered in Louisville, Kentucky, is one of the nation's largest publicly traded health benefits companies, with approximately 7 million medical members. Humana offers a diversified portfolio of health insurance products and related services - through traditional and consumer-choice plans - to employer groups, government-sponsored plans, and individuals.
Over its 45-year history, Humana has consistently seized opportunities to meet changing customer needs. Today, the company is a leader in consumer engagement, providing guidance that leads to lower costs and a better health plan experience throughout its diversified customer portfolio.
More information regarding Humana is available to investors via the Investor Relations page of the company's web site at http://www.humana.com, including copies of:
-- Annual report to stockholders;
-- Securities and Exchange Commission filings;
-- Most recent investor conference presentation;
-- Quarterly earnings news releases;
-- Replays of most recent earnings release conference call;
-- Calendar of events (includes upcoming earnings conference call dates, times, and access number, as well as planned interaction with institutional investors);
-- Corporate Governance Information.