Cigna sells part of Intracorp unit to Genex
Genex Holdings Inc. said Wednesday it bought the workers' compensation and disability case management business of Intracorp, a unit of health insurer Cigna Corp., in a stock deal
Cigna is keeping the rest of Philadelphia-based Intracorp, which also provides health management and wellness management services to employers and plan sponsors. Intracorp's full name is International Rehabilitation Associates Inc.
Cigna received an undisclosed amount of Genex stock in return for the businesses and will remain a minority shareholder. Genex provides case management, medical bill review and other services for insurers and employers.
Cigna shares rose $1.19, or 3.2 percent, to close at $38 on Wednesday. The stock was unchanged in aftermarket trading.