Cigna, Express Scripts merger clears state hurdles

Cigna and Express Scripts have cleared two state hurdles to their merger, as New York and California insurance regulators approved the $67 billion merger. The deal reportedly only awaits approval from the state of New Jersey. The New York Department of Financial Services and the California Department of Managed Health Care approved the merger on Thursday. New York Superintendent Maria Vullo said a hearing scheduled for January 10 would not be necessary after receiving commitments from the applicants in conditions of approval that address anti-competitive concerns. Without these commitments, Express Scripts, within the Cigna holding company, could create the risk of increased costs of pharmaceuticals and insurance premiums paid by New York consumers, the decision and order said.