INDIANAPOLIS (AP) — Cigna Corp. will buy fellow health insurer HealthSpring Inc. in a $3.8 billion deal as it becomes the latest managed care company to snap up a bigger share of the fast-growing Medicare Advantage market.
Cigna, based in Bloomfield, Conn., also said Monday it raised its earnings expectations for 2011 and moved up its third-quarter earnings report to Friday from Nov. 3.
HealthSpring shares soared more than 33 percent, or $13.53, to $53.69 in morning trading, while Cigna stock fell 30 cents to $44.40 and broader trading indexes rose less than 1 percent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
