Aetna to buy Coventry Health Care
Aetna and Coventry Health Care have announced that they have entered into a definitive agreement pursuant to which Aetna will acquire Coventry in a transaction valued at $7.3bn, including the assumption of Coventry debt.
Coventry is a diversified managed health care company that offers a full portfolio of risk and fee-based products, including Medicare Advantage and Medicare Part D programmes, Medicaid managed care plans, group and individual health insurance, coverage for specialty services such as workers’ compensation, and network rental services. The acquisition is projected to add nearly 4 million medical members and 1.5 million Medicare Part D members to Aetna’s membership. On a pro forma basis, the transaction increases Aetna’s share of revenues from Government business to over 30 from 23% currently.
Generali to sell off US life reinsurance book?
Generali has hired Citigroup to advise on the planned sale of its US life reinsurance business, Generali Life Reassurance Co.
The price tag could be between £800m and $1bn.
Clal to sell US unit to Berkshire Hathaway
Israeli insurer Clal has signed an agreement to sell its US unit, Guard Financial Group, to Berkshire Hathaway's National Indemnity Group, for $221m in cash and the release of a $48m guarantee given by Clal to secure a loan from a bank.
Clal, who have been in negotiations since April, had hoped to get more. It bought Guard five years ago for $120m plus a profit-related payment over the first three years.
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