Cigna Corp. will take a $14 million charge and restate fourth quarter and full-year results following an adverse ruling in a reinsurance dispute, the Philadelphia-based insurer announced yesterday.
The change will reduce earnings in 2005's fourth quarter by 11 cents a share to $1.67, Cigna said.
A London arbitration panel found against the company in a dispute over a retrocessional reinsurance arrangement related to a portion of its runoff workers' compensation reinsurance business written in the London market.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
