Calif. Insurance Commish Wary Of Anthem-Cigna Merger

By Dani Kass (March 29, 2016, 8:51 PM EDT) -- California's top insurance official asked Anthem Inc. and Cigna Corp. on Tuesday to explain an estimated $2 billion in savings anticipated to come from their proposed $54 billion merger, expressing skepticism that customers would receive the benefits of those savings.

At a hearing before California Insurance Commissioner Dave Jones, a pair of executives for Anthem and Cigna were unable to provide a specific breakdown of the proposed savings — both how they would be achieved and how they would be allocated. They stated that the merger was in too early of a stage to provide specifics, but held that the figure...

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