Arkansas Blue Cross and Blue Shield, the state’s largest health insurer, will join with Oregon-based nonprofit health insurance company Cambia Health Solutions in a strategic affiliation agreement, the insurer said Thursday, ending months long discussion between the two health care companies amid rising financial challenges for Blue Cross.

Blue Cross will continue to operate as an Arkansas-based mutual health insurance company and members will retain their current coverage, according to a news release. The deal, subject to regulatory approval, is expected to close in 2026.

If approved, the two companies will operate under the same management and administrative structure with a joint management team, with current Blue Cross President and Chief Executive Officer Curtis Barnett remaining in

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