https://www.statnews.com/2023/11/13/cigna-medicare-advantage/
“We would see this action being one component of a potential pursuit of [Humana] as acquisition target, with the divestiture being a proactive move to reduce antitrust risk,” Fidel wrote in a note to investors last week. In other words, Cigna (which is mostly employer and commercial health insurance) and Humana (almost entirely Medicare Advantage) would have no insurance overlap that would immediately trigger antitrust review.
Fidel was a participant in Cordani's 3Q Earnings call. Very interesting take.