Humana's CEO used anecdotes about his first meeting with Aetna's head to argue for the insurers' $37 billion deal against the Justice Department's attempted block of the transaction, Hartford Courant reports.
Called as a defense witness, Humana CEO Bruce Broussard told the judge overseeing the trial that he and Aetna CEO Mark Bertolini "almost finished each other's sentences" when they first met. Mr. Broussard said the two executives share a "passion" for making a difference in the insurance industry and the companies have "complementary capabilities."
The testimony came after the DOJ rested its case on day seven of the antitrust trial in Washington, D.C., according to the report. The DOJ argued the deal would reduce competition in 21 states where seniors are insured by Medicare Advantage plans. Hartford, Conn.-based Aetna and Louisville, Ky.-based Humana refute their Medicare Advantage plans compete in a different market than traditional Medicare.