Cigna completes $305m acquisition

Cigna Corp. completed its $305 million acquisition of Great American Supplemental Benefits from American Financial Group Inc. Aug. 31.

Headquartered in Bloomfield, Cigna serves 71 million customers in roughly 30 countries.

Cigna said the supplemental health care benefits company, based in Austin, Texas, will help to increase its presence in the individual and Medicare marketplaces. Great American Supplemental Benefits currently has more than 200,000 customers, and tallied $300 million in revenue from premiums in 2011.

Earlier this year, Cigna also purchased  HealthSpring for $3.8 billion to strengthen its Medicare business.