Business
Aetna wins major corporate contract
NEWS IN BRIEF — Posted May 5, 2008
As part of a complete overhaul of its U.S. employees' benefits, Bank of America will replace dozens of insurance carriers with a package of products from Aetna. The Hartford, Conn.-based insurer expects to add 350,000 employees and their dependents based on the deal, Aetna spokesman Fred Laberge said.
Aetna will provide not only medical, but also dental, vision, disability and life insurance to Bank of America employees and their families across the country. Previously, Aetna was just one of several carriers providing benefits to the bank's employees.
Laberge said the company does not disclose the value of contracts. The contract is renewable annually, he said, but, "we hope this will be a long-term relationship."
Corporate analysts have said the ability to get national deals is one reason plans pursued acquisitions aggressively over the last decade.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2008/05/05/bibf0505.htm.
