Cigna Completes $5.4 Billion Sale To Chubb
Cigna Corporation kicked off July by announcing the completion of the sale of its life, accident and supplemental benefits businesses in six markets across Asia Pacific to Chubb in a transaction worth approximately $5.4 billion. The businesses in Hong Kong, Indonesia, South Korea, New Zealand, Taiwan and Thailand have moved to Chubb. Cigna and Chubb agreed to exclude Cigna’s interest in a joint venture in Turkey from the transaction. Proceeds from the transaction will be utilized primarily for repurchasing shares, with $3.5 billion used to fund an accelerated share repurchase announced on June 16, 2022. When combined with Cigna’s previously completed share repurchases, the... Read More »
Anthem Announces Acquisition of Integra Managed Care
On November 10, Anthem, Inc. announced that it entered into an agreement to acquire Integra Managed Care, a managed long-term care plan in New York, from a wholly-owned indirect subsidiary of Personal Touch Holding Corporation. Financial terms of the transaction were not disclosed. Founded in 2014, Integra Managed Care is a New York-based managed long-term care plan serving Medicaid beneficiaries in need of long-term supportive services to help adults with long-term care needs and disabilities live safely and independently in their home and community. Integra serves 40,000 Medicaid members across the five boroughs of New York, Nassau, Suffolk and Westchester. Anthem, Inc. is a leading... Read More »
GuideWell Mutual Holding Acquires Triple-S Management Corporation
Last week, GuideWell Mutual Holding Corporation announced a definitive agreement to acquire Triple-S Management Corporation for $900 million. GuideWell will acquire all the outstanding shares of Triple-S Management common stock for $36.00 per share in cash, representing a premium of approximately 49% to Triple-S’ 90-day volume-weighted average trading price. Founded in 1959, Triple-S Management Corporation is a health care services company serving more than 1 million people in Puerto Rico. It has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico, the U.S. Virgin Islands, Costa Rica, the British Virgin Islands and Anguilla, and offers a broad... Read More »
UnitedHealth Group Expands in Home State
One of the largest health insurers in the country is making a play in its home state of Minnesota. UnitedHealth Group, Inc. has recently struck a deal to acquire PreferredOne, according to Fairview Health Services, a not-for-profit organization that took full ownership of PreferredOne back in 2016. PreferredOne is a health insurance provider comprised of three companies: PreferredOne Administrative Services, Inc., PreferredOne Insurance Company, and PreferredOne Community Health Plan. The health insurer has 367,000 members and is contracted with 99% of clinics and hospitals in Minnesota. This deal aligns with UnitedHealth Group’s push into the Minnesota health insurance market, which it... Read More »
Molina Healthcare Expands in Texas
The Managed Care-giant Molina Health, Inc. (NYSE: MOH) has announced a deal with Cigna (NYSE: CI). Molina is purchasing Cigna’s Texas Medicaid and Medicare-Medicaid Plans (MMP) for $60 million. As of December 31, 2020, Cigna’s Texas MMP business served approximately 48,000 Medicaid members in the STAR+PLUS program in the Hidalgo, Tarrant, and Northeast service areas, and approximately 2,000 MMP members in the Hidalgo service area. In 2020, the business generated a premium revenue of approximately $1.0 billion. This transaction is a huge boost into the Texas Medicaid and Medicare market, another step in Molina’s path for growth. Throughout 2020, the company announced a string of... Read More »Schedule a demo
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