Aetna to Acquire Medicare Supplement Business of Genworth Financial for $290M

Aetna AET today announced that it has entered into an agreement with Genworth Financial, Inc. to acquire Genworth's Medicare Supplement business and related blocks of in-force business. Genworth is a leading provider of Medicare Supplement coverage. The business has more than 145,000 Medicare Supplement members. The transaction will substantially enhance Aetna's presence and capabilities as a provider of Medicare Supplement insurance. Aetna will acquire 100% of the stock of Continental Life Insurance Company of Brentwood, Tennessee, and reinsure certain related blocks of in-force business. The purchase price is approximately $290 million. Aetna expects to finance the acquisition with available resources.