Aetna is exploring a sale of some of Coventry Health Care's assets worth as much as $1.5 billion, according to people familiar with the matter, a year after it acquired Coventry for $5.6 billion.
Aetna Inc., the third largest U.S. health insurer, is working with Bank of America Merrill Lynch on a sale process for Coventry's workers' compensation business, which is expected to attract interest from other companies in the sector as well as private equity firms.
Bank of America Merrill Lynch declined to comment.
Aetna spokeswoman Cynthia Michener said, "As a matter of practice, we don't comment on rumors or speculation."
The sale process reaffirms that...