The CEO of Cigna said he believes it will take a year to 18 months for regulators to review his company’s proposed merger with Anthem.
The $47 billion deal would make the combined company the largest in U.S. health insurance — and it’s raised fears that costs could rise. But David Cordani told CNBC Thursday that he’s optimistic about the regulatory process.
"We will fully engage with state leaders and federal leaders," he said. "We are used to dealing in a transparent environment, and those conversations have already started. And the key is going to be to demonstrate that health quality could improve, affordability will improve."
Thursday Bloomfield based Cigna also announced a hike in second quarter profits, largely because of lower use of medical services.
Eversource Profits Boost
Eversource, the former Northeast Utilities announced a 63 percent rise in quarterly profits. The Hartford based company said Connecticut’s largest electric utility, last year known as Connecticut Light and Power, doubled its net income, over the same time in 2014. The boost largely came as a result of more power use and higher revenues.
GE Threatens Overseas Move
General Electric continues to campaign to revive the Export Import Bank, the federal credit agency which died at the end of June. GE now says it is taking steps to shift some US manufacturing work overseas, because the Ex-Im bank isn’t there to guarantee transactions for foreign buyers. The Fairfield-based conglomerate says it's currently bidding on more than 10 billion dollars worth of work that will be affected.
