Anthem said on Thursday it intends to change its name to Elevance Health as the company looks to shift its focus beyond the health insurance business, reported Reuters.
The US health insurer’s rebranding move is not its first, having previously changed its identity from WellPoint Inc around eight years ago.
The rebranding is a first step in the company’s effort to optimize its brand portfolio, the insurer said in a statement. Anthem’s Blue Cross Blue Shield health plans will not be renamed, it added.
The company, which operates Blue Cross Blue Shield plans in several states, has been attempting to compete in a changing health insurance landscape following deals by rivals such as Cigna to merge with the biggest US pharmacy benefits managers (PBMs).
Anthem launched its in-house pharmacy benefits management business, IngenioRx, in 2019 after ending a long-standing deal with Express Scripts Holding Co, which is now a part of Cigna.
Anthem and Cigna were themselves slated to come together in 2017. However, the deal was scuppered following disagreements between the companies regarding control of the resulting firm, which would have become the world’s largest insurer. Cigna attempted to charge Breach of Contract against Anthem, claiming over $1.8 billion in damages.
The merger agreement called for Anthem, which runs Blue Cross and Blue Shield insurance plans, to acquire Cigna. Anthem also filed a breach-of-contract suit, in which it accused Cigna of undermining the transaction by working to help the government’s antitrust case.
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