Hartford, Conn.-based Aetna has asked a judge in Cole County Circuit Court to review Missouri's preliminary order to ban a $37 billion merger with Humana, which the state determined would impede competition, the St. Louis Post-Dispatch reported.
The Missouri Department of Insurance issued an order in May stating if Aetna's acquisition of Humana were finalized, the insurers and all their subsidiaries must stop and desist from offering comprehensive individual coverage, comprehensive small group coverage, individual Medicare Advantage coverage and group Medicare Advantage coverage in the state.
The order also said if the merger succeeded, Aetna and Humana's market share in individual Medicare Advantage plans would exceed 70 percent in 33 Missouri counties. Aetna is already the largest insurer in Missouri's comprehensive individual market, holding 37 percent of the market, which would increase to 39 percent upon the merger.
In its petition, Aetna challenged Missouri's statement that the merger would curtail competition, arguing it would increase benefits for consumers, the Post-Dispatch reported.