Aetna announces Humana bid, Centene to buy Health Net
Aetna announced Friday that it has made a $37 billion offer to acquire Humana. Merger speculation involving the two firms and other major health insurers has been rife in recent months especially when Humana said that it was considering selling. The bid values Humana at 23 per cent above its market-close price Thursday and would deliver $230 per share to investors. In the current climate of insurance mergers and acquisitions the Wall Street Journal reports that Centene Corp. is to buy Health Net Inc for $6.3 billion, a 21 per cent premium.
SGI Canada to expand
Saskatchewan Government Insurance is expanding its footprint by offering its insurance products in British Columbia. SGI Canada wrote $540 million in premiums last year and has one of Western Canada’s largest market shares. The 70-year old company based in Regina sees the expansion into BC as having huge potential. "We're always paying attention to market position, and B.C. is a province with strong growth potential. This market fits well with SGI CANADA's particular expertise in Western Canada's construction, transportation and oil and gas industries," said Andrew Cartmell, President and CEO of SGI CANADA, based in Regina, Saskatchewan. "Combine that with strong population growth and a stable economy, and it just makes good business sense to be doing business in B.C."
SGI already offers its products in Saskatchewan, Ontario, Manitoba and Alberta through a network of 500 brokers and Cartmell says broker relationships are vital: "We've seen the success that strong broker partnerships bring, ensuring customers get the right insurance to protect their interests. We're looking forward to the opportunities this move will bring to customers, to brokers, and to us.”
New CEO for BNP Parabis Cardif
The insurance arm of BNP Parabis has promoted Vincent Sussfeld to the role of chief executive for its Asia operations. He was previously deputy CEO and succeeds Xavier Guilmineau who is taking a new role within the group. The insurance company views Asia as a key region for growth as penetration is currently low while the middle classes in many countries are increasing.
