HUM

There are 3 precedent examples of this type of combination of assets already existing. UNH, ELV, and CVS/AET all have commercial and Medicare advantage businesses, some with more scale/lives than the combined entity here. CI will have to sell its Medicare biz and HUM will have to sell what little if any commercial they have, but the rest is a pretty clean Frankenstein of an employer health insurance biz and a Medicare biz. It'll make 4 companies on a roughly even playing field.