© 2023 Connecticut Public

FCC Public Inspection Files:
WPKT · WRLI-FM · WEDW-FM · Public Files Contact
Play Live Radio
Next Up:
Available On Air Stations

Cigna Rejects Anthem Takeover Bid

sphilbrick, via Wikimedia Commons

After weeks of rumors at least one potential deal in the health insurance industry is out in the open - but it may be going nowhere. On Sunday Bloomfield’s Cigna publicly rejected an offer from Anthem, calling the $47 billion bid "deeply disappointing." 

A letter from senior management at the Connecticut company criticized Anthem for its lack of growth strategies and for the huge data breach earlier this year that exposed the personal information of about 80 million people.

Anthem has revealed that it has made four separate offers for Cigna. CEO Joe Swedish said he doubts that investors support Cigna’s negative stance on the potential merger. One of the main sticking points for Cigna is whether Swedish or Cigna’s leader David Cordani would head up the combined company.

The Cigna-Anthem combination is only one of the deals being contemplated in the industry among the five biggest insurers. Cigna and fellow Connecticut company Aetna are said to be vying to acquire Humana, and UnitedHealth has made an approach for Aetna.

The merger frenzy comes as companies have been grappling with the changes in healthcare that have followed the implementation of the Affordable Care Act. Insurers are attempting to build their business in the Medicare Advantage market, which is one of the fastest growing sectors.

Harriet Jones is Managing Editor for Connecticut Public Radio, overseeing the coverage of daily stories from our busy newsroom.

Stand up for civility

This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.

We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.

Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.

Related Content