Health care giants Anthem and Cigna tie $54B knot

MICHAEL NELSON/EPA

Anthem, a Blue Cross and Blue Shield insurer based in Indianapolis, agreed to acquire rival Cigna in a blockbuster $ 54 billion deal.

And then there were three.

A massive merger of two health care giants announced Friday would leave only three major companies in the insurance industry.

Anthem, a Blue Cross and Blue Shield insurer based in Indianapolis, agreed to acquire rival Cigna in a blockbuster $ 54 billion deal.

The merger, subject to state regulatory approvals and other requirements, would create the nation’s largest health insurer by enrollment, covering about 53 million U.S. patients.

AN AUG. 3, 2011 FILE PHOTOMatt Rourke/AP

Anthem is buying rival Cigna in a deal that will create the nation’s largest health insurer by enrollment.

The acquisition comes less than three weeks after Aetna’s proposed $ 35 billion takeover of insurer Humana. President Obama’s Affordable Care Act has been seen as the stimulus for the consolidation as companies seek greater negotiating power with government, doctors’ groups and hospitals.

Some doctors warned the limited options could hurt patients and called for close scrutiny by federal regulators.

With News Wire Services

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Health – NY Daily News