Bloomberg Law
March 4, 2019, 11:18 PM

Cigna CEO Expressed Regret About Merger That Later Failed (1)

Jef Feeley
Jef Feeley
Bloomberg News

While publicly backing Cigna Corp.’s 2015 merger with rival health insurer Anthem Inc. as good for investors, Cigna’s CEO privately expressed regret about signing on to a deal that left him with a reduced role, lawyers for Anthem said in court Monday.

Cigna shareholders were slated to get nearly a 30 percent premium for their stock in Anthem’s $48.9 billion buyout. But David Cordani, Cigna’s chief executive officer, lost out to Anthem CEO Joseph Swedish in a corporate duel over who would lead the combined company, set to be the largest health insurer by membership in the U.S.

Anthem officials ...