REUTERS: US health insurer Cigna Corp is exploring a sale of its group benefits insurance business, which could be valued at as much as US$6 billion, four people familiar with the matter said on Tuesday (Aug 20).The unit for sale offers disability insurance as well as life and accidental death and dismemberment coverage to clusters of company employees. Cigna’s move to shed it underscores its decision to focus on healthcare following its US$54-billion acquisition of pharmacy benefits manager Express Scripts Holding Co last year.The Bloomfield, Connecticut-based company is working with an investment bank to run an auction for the group benefits business, the sources said. The unit could attract interest from other insurers that already have this product line and are seeking scale in that competitive market, the sources added.While stating the company does not comment on rumors and speculation, a Cigna spokesman said: “Given the dynamic marketplace, we continually review opportunities to ensure we continue to deliver value to our customers and clients.”The sources asked not to be identified because the matter is confidential.Cigna’s group benefits business sits within the company’s group disability and other operations division. This unit reported US$1.31 billion of adjusted revenue in the three months to… Read full this story
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