It was the $54 billion deal that wouldn't die. But on Friday morning, the proposed merger between national health insurers Anthem and Cigna Corp. finally met its end.
The U.S. Justice Department and several states on Monday urged a federal appeals court not to overturn a decision blocking Anthem and Cigna's proposed $54 billion merger.
The American Medical Association urged the U.S. Department of Justice this week to reject the merger of Anthem and Cigna after court documents showed Anthem is holding out hope that the agency under the Trump administration will approve the deal.
Anthem is holding out hope that despite a preliminary injunction and an unwilling partner standing in the way, its $54 billion merger with Cigna Corp. will be approved by a new U.S. Justice Department under the Trump administration.
Thomas McCarthy will retire early summer and will be replaced by Eric Palmer, a 20-year veteran with the company who now serves as CFO for Cigna's global health, Cigna-HealthSpring, employer-based health care, group and supplemental insurance businesses.
After a year and a half-long engagement, Aetna and Humana are finally breaking up. For Aetna, it's going to be expensive.
National Blue Cross and Blue Shield carrier Anthem plans to appeal last week's decision blocking its $54 billion deal to acquire rival insurer Cigna. But it's not at all clear that Cigna is on board. The companies may end up in court fighting each other over a substantial breakup fee.
Anthem said Thursday it will appeal a federal judge's decision blocking its controversial merger with rival insurer Cigna. But it's unclear if Cigna will sign on to that plan and it's likely the two former merger partners may end up in court fighting each other over the break-up fee.
Cigna's profit dropped 10.5% in the fourth quarter of 2016, despite building revenue from membership growth and higher premiums and fees.
Cigna jumped into unfamiliar and risky terrain in Illinois last year: It joined the Obamacare exchange after many insurers had tried, failed and fled.
While Medicare Advantage plans added nearly 900,000 members in 2016, enrollment is growing at a slower pace. Still, experts say the future of Medicare Advantage will be lucrative for insurers.
Anthem and Cigna Corp. are about to get their chance to fight for their $53 billion merger in a District of Columbia courtroom. The faceoff with the U.S. Justice Department will pit their promised benefits for consumers against providers' bargaining power.