CIGNA Corp. has agreed to sell its U.S. individual and group life reinsurance and U.S. accidental death reinsurance businesses to Life Reassurance Corp. of America, a subsidiary of Swiss Reinsurance Co. CIGNA expects to receive cash consideration of roughly $170 million.
CIGNA will retain its other lines of reinsurance, including global accident, domestic health, specialty life and international life and health. However, these lines will be discontinued as CIGNA reviews the reserve assumptions for the liabilities associated with specialty life minimum death benefit contracts. While the charges resulting from this review could adversely affect operations results, CIGNA does not foresee them as being material to company liquidity or financial condition.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
