US - Antitrust lawmakers concerned about insurance mergers
Saturday, 09 26 2015, Category: Insurance and Reinsurance, Country: United States
Republican and Democratic lawmakers expressed concern about two multi-billion dollar insurance mergers on Tuesday, using a Senate hearing to take issue with the companies' arguments that they face expanding competition from new rivals.
Senator Mike Lee, a Republican from Utah who chairs the Senate Judiciary Committee's antitrust subcommittee, said he was worried that consumers would be "locked into the offerings of a few dominant companies."
The hearing was called to discuss Anthem Inc's planned $47 billion takeover of rival Cigna Corp and Aetna Inc's plan to buy rival Humana Inc for about $37 billion. The deals, announced in July, would reduce the number of nationwide insurers from five to three.