Cigna insurance company ends its Humana acquisition intentions

Insurance Company - Acquisition Cancelled

The insurer is now developing a $10 billion share buyback plan after a failure to agree on a price. Health insurance company Cigna has ceased its pursuit of a negotiation for acquisition of its rival insurer Humana. The company left its efforts when the two insurers were unable to agree on price. Cigna announced that it is working on plans for buying back $10 billion worth of shares. The health insurance company resulting from an acquisition of Humana by Cigna would have resulted in an insurer with an estimated value…

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Cigna health insurance sued over use of software to deny claims

Health insurance - Sue - Law

The insurer was sued in California for alleged unlawful claims reviewing software use. Cigna is now facing a lawsuit in California over allegedly unlawfully reviewing health insurance claims using software that does it automatically instead of having human employees complete the work. When a claim is submitted to an insurer, certain steps must be taken to determine if it will be accepted or denied. The healthcare system in the United States involves certain steps when it comes to determining payment through health insurance coverage. First, the patient heads to a…

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Anthem insurance company to purchase Cigna for $54 billion

Cigna's Headquarters in Philadelphia insurance company

Massive acquisition to take place as one insurer purchases the other for cash and stock. It was recently announced that Anthem will be buying the Cigna insurance company for a tremendous buyout of $54 billion in cash and stock, making this the latest huge purchase by the insurer. The buyout is for 55 percent cash in addition to the remaining 45 percent in stock. Anthem has agreed to purchase each Cigna share for $188. The combined insurance company will be serving an estimated 53 million plan members. This new acquisition…

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Health insurance companies flee South Carolina market

South Carolina Health Insurance

A dozen insurers opt out of South Carolina small group and individual markets Nearly a dozen health insurance companies are leaving South Carolina, according to the state’s Insurance Department. These insurers are refusing to write new health policies in the state, citing new regulations introduced by the Affordable Care Act. These regulations are placing significant financial strain on some companies and smaller insurers are finding it difficult to comply with some of the federal law’s provisions. As such, pulling out of the individual and small group markets of South Carolina…

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Health insurance rates could spike in Florida

Florida health insurance

Health insurance rates are set to rise, warns Florida commissioner Health insurance rates could see a dramatic rise in Florida, according to Insurance Commissioner Kevin McCarty. The commissioner claims that health insurance rates for small businesses and individuals will rise as a result of the Affordable Care Act. Rising rates are being linked to the formation of an insurance exchange within the state. Florida will not operate its own health insurance exchange, the presence of the exchange and the provisions of the Affordable Care Act could make coverage significantly more…

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