Blue Cross moving into assisted living. (Independence Blue Cross forms joint venture between NewSeasons Assisted Living Communities Inc. and Pitcairn Properties Health Care Group)

In its first foray into being a health-care provider Independence Blue Cross has formed a joint venture to construct and operate assisted living retirement communities throughout Pennsylvania and New Jersey.

The new company, NewSeasons Assisted Living Communities Inc., is a 50-50 joint venture with Jenkintown developer Pitcairn Properties Health Care Group. The companies will invest $10 million for the initial development of at least 15 communities.

"We view assisted living as the next logical step in fulfilling our mission to this vitally important segment of our society," said Independence Blue Cross President and Chief Executive Officer G. Fred DiBona Jr., who …