(Bloomberg) — Aetna Inc. CEO Mark Bertolini has the most to gain among top executives at the three U.S. health insurers seen as targets in a potential wave of industry consolidation.
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Bertolini could receive $131.3 million should he lose his job in a takeover of Aetna (NYSE:AET), according to data compiled by Bloomberg. Cigna Corp. (NYSE:CI) Chief Executive Officer David Cordani would get $58.7 million, while Humana Inc. (NYSE:HUM) CEO Bruce Broussard's so-called golden parachute is valued at $26.1 million.
The five biggest publicly traded insurers are all eyeing potential combinations after a two-year lull in big managed-care deals. Anthem Inc. (NYSE:ANTM) has explored a takeover of Cigna and Humana, and Aetna and Cigna have considered buying Humana, Bloomberg has reported. The Wall Street Journal has said UnitedHealth Group Inc. (NYSE:UNH) might be interested in Aetna or Cigna.
We "expect this merger frenzy will culminate in a 'Big Three' that is a more efficient industry landscape," Ana Gupte, an analyst at Leerink Partners, said Tuesday. Humana is likely to be acquired by Aetna or Anthem for $200 to $225 a share, she wrote.
The change-in-control payouts are meant to keep investor interests in mind.