State insurance regulators have approved Anthem's purchase of Cigna's Florida companies as part of a broader merger of the major health insurers.
The Florida Office of Insurance Regulation on Friday announced the approval of Anthem's application to purchase Cigna Healthcare of Florida, Inc., Cigna Dental Health of Florida, Inc. and HealthSpring of Florida, which does business as Leon Medical Centers Health Plans.
A 19-page order approving the acquisition was dated Thursday. In the announcement, the Office of Insurance Regulation said an analysis indicated the deal would not reduce competition in the state.
"The economic analysis found that both companies, either individually or in combination, are not a dominant factor in the Florida market and would not increase market concentration on a statewide basis,'' the Office of Insurance Regulation said. "It also revealed that Anthem and Cigna compete only in the Medicare Advantage product market and 'the combined entity would have a nonmaterial impact on competition.' "