Bailey, who was 78, worked for Aetna for about 30 years. He served as chairman of several major insurance trade groups, including the Health Insurance Association of America, Washington. In 1973, as the first president of the old Municipal Bond Insurance Association, he helped develop the concept of insuring municipal bonds for state and local government agencies.
“Under his leadership, Aetna grew to become the nation’s largest shareholder-owned insurance organization,” Dr. John Rowe, Aetna’s current chairman, says in a statement. “Bill’s expertise in underwriting, marketing and other insurance operations helped set Aetna apart from its competitors.”