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The two biggest U.S. health insurers by revenue, UnitedHealth Group Inc. and Anthem Inc., are seeking to buy smaller rivals in a merger scramble aimed at cutting costs as the companies cope with the federal health-care overhaul. UnitedHealth made a preliminary takeover approach to Aetna Inc. in the last few days, people familiar with the matter said. Given Aetna’s market value of about $42 billion, any deal for the company would likely be valued at least that high. UnitedHealth has a market value of more than $110 billion. Aetna has been eyeing Humana Inc., which is exploring a sale. Meanwhile, Anthem and Cigna Corp. have been in discussions about a deal for months, though Cigna has rebuffed Anthem’s advances, according to people familiar with the matter. (Cimilluca, Mattioli and Wilde Mathews, 6/15)

Shares of health insurers from Cigna Corp. to Aetna Inc. surged on speculation that the industry is heading for a round of mergers to boost profits. Anthem Inc. has explored takeovers of smaller health-insurance rivals Cigna and Humana Inc., a person with knowledge of the matter said, asking not to be identified discussing private information. In a third possible combination, Humana has also drawn interest from Aetna Inc., another person said. (Tracer and Hammond, 6/15)

Another consolidation wave may be coming to the health insurance industry with Anthem Inc. playing a major role. Analysts have pegged Anthem as one of three potential bidders for Humana Inc., which is prized for its big presence in the Medicare Advantage program. (Terhune, 6/15)

Shares of Cigna surged Monday following a report the health insurance giant has been approached by rival Anthem in a potential takeover overture. Cigna shares closed up 11.74% at $153.43 following a report in The Wall Street Journal that Anthem had made two recent acquisition bids, the most recent in the range of $175 a share. (McCoy, 6/15)