Twelve years after health care actuary Herb Fritch launches HealthSpring – at a time when the Medicare and Medicaid insurance markets were out of favor – the company sells to industry giant Cigna for $3.8 billion.

The deal jumpstarts Cigna’s presence into the Medicare Advantage field, multiplying its member base from 40,000 to 400,000.

Fritch stays on as CEO of Cigna-HealthSpring.