Cigna (CI) announced that it has finalized the purchase of Great-West Healthcare, the Healthcare Division of Great-West Life & Annuity Insurance Company. The company noted that the cost of the purchase comprises $1.5 billion in cash to Great-West Life & Annuity Insurance Company and added capital of $400 million to be retained by its subsidiaries to support the acquired business.
CIGNA HealthCare President David Cordani said, This transaction increases the opportunities for national and mid-size employers to improve the health, well-being and security of their employees, and adds service and distribution capabilities specifically designed to meet the needs of smaller businesses.
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