California says no to Anthem and Cigna joining forces. (Photo: iStock)

If there’s one state health insurance companies don’t want to lose, it’s California.

So while industry observers have said they expect federal regulators to approve two potential health insurance megamergers, the strong objection levied against Indianapolis-based Anthem Inc.’s proposed $54 billion acquisition of Connecticut-based Cigna by the California insurance commissioner has to have executives and shareholders of the two companies worried.

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