Many also believe the CVS-Aetna and Cigna-Express Scripts deals have a greater chance of success after a judge gave a go-ahead to AT&T-Time Warner.

The insurance giant said it would need to make a “significant additional investment” to gain scale and be competitive. It has hired an investment banker to help it unload deposits and loans.

In a sign of its ambition, last month, CVS hired a senior executive from a startup that specializes in primary-care clinics to oversee expanded health-care services across the company.

Retailers are eyeing health insurers as acquisition targets to improve their pharmacy business, but carriers' information assets and analytics prowess are prizes as well.

While industry observers are excited by the prospect of additional data and tech innovation boosting the company, the reinsurer is cautious.

The health insurer’s rivals are striking deals to make them one-stop health superstores with insurance, drug coverage, pharmacies, clinics and doctors.

The proposed Walmart-Humana combination is the latest of a series of moves that point to an abrupt change in the industry.

Consolidation in the industry continues to accelerate, providing less competition, fewer options for consumers.

Insurers, drugstores, distributors and pharmacy benefit managers looking for partners.

Justice Department looks to assess proposed merger with Express Scripts, as well as CVS Health-Aetna combo.