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.
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