Cigna completes HealthSpring acquisition

Cigna Corp. completed its acquisition of HealthSpring, a Nashville-based Medicare Advantage provider that the insurer bought for $3.8 billion in cash.

Cigna, which announced the deal in October, has said that the acquisition will add HealthSpring's Medicare Advantage operations in 11 states to existing Cigna business.

“With HealthSpring's talented team and highly differentiated physician-engagement model, Cigna expands its capabilities and product offerings to better serve customers throughout their life stages,” Cigna CEO David Cordani said in a news release.

There have been a number of deals in which insurers have acquired companies that offer Medicare Advantage plans. Most recently, UnitedHealth Group was cleared in December to buy XLHealth Corp., a Baltimore-based company that offers Medicare Advantage plans.