Aetna acquiring Brentwood insurance business

Health benefits giant Aetna has a deal to buy Continental Life Insurance Co. of Brentwood in order to grow its presence in the Medicare Supplement insurance market.

Through the deal, Aetna will acquire 100 percent of the stock of Continental from parent company Genworth Financial and reinsure certain related blocks of active business. The transaction, valued at $290 million, is expected to close in the fourth quarter.