Mr McCallister remains as deputy leader of the assembly party and has been given extra responsibilities.
Humana boss Michael McCallister has reined in medical costs, dumped unprofitable members and hiked premiums.
Basil McCrea and John McCallister said their party will be "confident, progressive and pro-union".
BBC: Basil McCrea and John McCallister set up new unionist party
On Thursday evening, the former UUP deputy leader John McCallister said he was quitting the party.
Ulster Unionist John McCallister said there needed to be a further 150-200 long-term foster carers recruited.
Mr McCallister revealed on BBC NI's politics show, The View, on Thursday evening, that he would quit.
In his speech, Mr McCallister expressed the fear that the Ulster Unionists were "sleepwalking into unionist unity".
Radio Foyle duly promised to play me back my own words in the event of a McCallister victory.
Basil McCrea, a keen supporter of John McCallister and a former leadership candidate in 2010, remains in place.
He later extended the good wishes to Mr Nesbitt's rival, John McCallister, saying, "May the best man win".
"This is the first truly new product in health care in 15 years, " says Michael McCallister, chief executive of Humana.
Since taking over, Mr Nesbitt has also disciplined two other high profile UUP MLAs - John McCallister and Basil McCrea.
Basil McCrea and John McCallister both resigned from the UUP last month, objected to their party's electoral pact with the DUP.
Mr McCallister, former UUP deputy leader, revealed on BBC NI's politics show, The View, on Thursday evening, that he would quit.
Either South Down MLA John McCallister or Strangford MLA Mike Nesbitt will be elected at the party's AGM on 31 March.
In October, Mr McCallister, was stripped of his position as UUP deputy leader after he made a speech criticising unionist unity.
This time, young Kevin McCallister mistakenly boards a plane to Gotham while his folks fly off to Miami for their Christmas vacation.
The South Down MLA, John McCallister, has lost his position as Ulster Unionist deputy leader after making a speech criticising unionist unity.
As I headed through the swing doors, a new party - aka Basil McCrea and John McCallister - was coming in the opposite direction.
When the pair contested the UUP leadership in March, Mr Nesbitt beat Mr McCallister by a heavy majority, winning by 536 votes to 129.
John McCallister of the UUP said that the measure would strip 10, 000 parents of the benefit, and had been decided on without regard to Northern Ireland.
Lagan Valley MLA Mr McCrea and South Down MLA Mr McCallister have not ruled out setting up a new party to challenge the UUP and DUP.
However Mr Nesbitt has responded swiftly - by stripping Mr McCallister of his deputy leader's job and reviewing whether the party needs to appoint a replacement.
Mr McCallister fought Mike Nesbitt for the leadership of the Ulster Unionist Party on a platform of bringing it out of the Stormont executive and into opposition.
BBC: Basil McCrea wants to be Northern Ireland's first minister
The decision by the UUP to support a single unity candidate led two senior members of the party, Basil McCrea and John McCallister, to announce their resignations.
Before hopping into a waiting taxi, the man turned to Messrs McCrea and McCallister and told them in no uncertain terms that they should be "ashamed of themselves".
Lagan Valley MLA Basil McCrea has said it is likely that he and John McCallister will set up a new party to challenge the DUP and the UUP.
Three days later, he reappointed the South Down assembly member as UUP deputy leader - a role Mr McCallister had held under the previous UUP leader, Tom Elliot.
Earlier, Alliance leader David Ford requested an immediate recall of the assembly, which was backed by the SDLP's Pat Ramsey and two Ulster Unionist assembly members, Basil McCrea and John McCallister.
BBC: Northern Ireland Assembly session over flag disturbances
Humana merely made the mistake of trying to tell seniors the truth about what will happen to their coverage, and now CEO Michael McCallister had better hire a good team of lawyers.
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