Aetna completes $160m buy of Broadspire disability book.Aetna Aetna, volcano: see Etna, Italy. Inc. said it completed its roughly $160 million acquisition of the disability business of Broadspire Services, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that provides disability and casualty claim management services. Broadspire's disability business works as a third-party administrator, offering short- and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. disability administration and leave-management services to employers. When Aetna announced the purchase in February, its disability business served about 1.1 million short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and 1.5 million long-term disability members. With the Broadspire acquisition, Aetna expected to boost its disability membership to about 5 million, adding about 1.3 million short-term members, 1 million long-term members and 700,000 members in total absence management, which includes the Family Medical Leave Act. |
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