(Bloomberg) — Shares of the health insurer Humana Inc. rose after a report that the company hired Goldman Sachs Group Inc. to sell itself.

Humana rose 16 percent to $206.70 at 1:32 p.m. in New York, the stock's biggest intraday gain since 1999. The Wall Street Journal reported Friday that the company had hired the bank after being approached about a takeover, citing people familiar with the matter.

Humana and UnitedHealth Group Inc. are the top two sellers of private Medicare policies, the health insurer-run version of the U.S.'s program to cover the elderly and disabled. It also sells coverage to the under-65 population in the U.S., and runs insurance plans for companies that insure themselves.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.