Cigna plans to acquire a supplemental health insurance unit from American Financial Group for $295 million to increase its Medicare and other supplemental insurance offerings.
Reuters: Cigna To Acquire Great American Supplemental Benefits
Insurer Cigna Corp plans to acquire American Financial Group's supplemental health insurance unit for around $295 million in cash, the companies said on Thursday. ... Cigna said the deal to acquire Great American Supplemental Benefits provides significant opportunities for growth, including expanding Medicare and individual supplemental offerings to Cigna customers (5/10).
Fox News/Dow Jones: Cigna To Buy Great American Supplemental Benefits For $295 Million
Cigna Corp. (CI) has agreed to acquire American Financial Group Inc.'s (AFG) Medicare supplement and critical-illness businesses for approximately $295 million in cash, as the managed-care company looks to expand its presence in the individual and seniors markets. Cigna said its acquisition of Great American Supplemental Benefits Group, one of the largest manufacturers of supplemental health insurance products in the U.S., is expected to close in the second half of 2012. Great American generated approximately $325 million of revenue last year (5/10).