CIGNA fills in its Medicare portfolio with Great American acquisition
Tory Wolff
May 15, 2012
Last week, CIGNA acquired the Great American Supplemental Benefits from American Financial Group (AFG) for $295M in cash. Per press releases, the key financials for the acquired business are: A few observations on the acquired business: ~90% of the acquired revenue is driven by MedSupp. Public reports suggest 100K-125K MedSupp lives (250K lives total for the acquired business). Historically, AG’s MedSupp lives have been well distributed in the US with the exception of a sizeable position in Texas (the acquired business is Austin-based). The other 10% includes a variety of