INDIANAPOLIS (AP) — Cigna Corp. will buy fellow health insurer HealthSpring Inc. in a $3.8 billion deal as it becomes the latest managed care company to snap up a bigger share of the fast-growing Medicare Advantage market.
Cigna, based in Bloomfield, Conn., also said Monday it raised its earnings expectations for 2011 and moved up its third-quarter earnings report to Friday from Nov. 3.
HealthSpring shares soared more than 33 percent, or $13.53, to $53.69 in morning trading, while Cigna stock fell 30 cents to $44.40 and broader trading indexes rose less than 1 percent.
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