Humana 2004 Annual Report Download - page 37
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approximately $32 million of statutory capital and surplus in excess of the minimum statutory requirements.
CarePlus provides Medicare Advantage HMO plans and benefits to approximately 50,000 Medicare eligible
beneficiaries in Miami-Dade, Broward and Palm Beach counties. This acquisition enhances our Medicare market
position in South Florida. We financed the transaction with $156 million of cash on hand and $294 million of
borrowings under our credit agreement. The purchase price is subject to a balance sheet settlement process with a
nine month claims run-out period.
On April 1, 2004, we acquired Ochsner Health Plan, or Ochsner, from the Ochsner Clinic Foundation for
$157.1 million in cash. Ochsner, a Louisiana health plan, added approximately 152,600 commercial medical
members, primarily in fully insured large group accounts, and approximately 33,100 members in the Medicare
Advantage program. This acquisition enabled us to enter a new market with significant market share which
should facilitate new sales opportunities in this and surrounding markets, including Houston, Texas.
These transactions are more fully described in Note 3 to the consolidated financial statements.
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