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Mike Lee

Health insurance CEOs vow mergers won't make marketplace less competitive

Health insurance CEOs vow mergers won't make marketplace less competitive

Proposed mega-mergers between health insurance giants prompted by the Affordable Care Act won’t harm the level of competition in the market, two chief executives pledged Tuesday to skeptical lawmakers.

The recent plans by Aetna Inc. to acquire Humana Inc., and by Anthem Inc. to buy Cigna Corp., have raised concerns over the economic impact that such mergers, which would eliminate two of the five largest insurers to create three companies, would have on consumers. The Justice Department is investigating the deals.

In their attempt to convince senators of the mergers’ virtues, the CEOs of Aetna and Anthem each said healthcare should be viewed within a local context...

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