Melissa Davis
Cigna Soars as Insurers Spring Forward
04/05/04 - 01:36 PM EDT
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WellChoice, which slid 3% to $36.30 early Monday, recovered most of that lost ground as the day wore on. Still, the company could face hurdles. Specifically, it must gain regulatory approval to move ahead with any Oxford buyout. And it may fail if government officials worry about one company controlling 40% of the New York City market. But Mains, for one, believes WellChoice may have a feather in its cap already. He pointed out that the company was deemed the most compliant in a recent undercover study conducted by the office of New York Attorney General Eliot Spitzer. In that study, WellChoice scored a B -- the highest grade given -- for providing information to potential customers with specific health problems. The vast majority of insurers surveyed scored D's or F's on the same test. "New York State will likely be concerned about market concentration issues," Mains admitted. But "WellChoice may have a 'halo' to help it through the acquisition process."
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