Reinsurance run-off ruling hits Cigna
Cigna Corporation has reported that it has received an adverse ruling from a London arbitration panel concerning a dispute over a retrocessional reinsurance arrangement related to a portion of its runoff workers' compensation reinsurance business written in the London market. This ruling resulted in a $14m after-tax charge.
Because the ruling relates to an exposure that existed at December 31, 2005 and because the company has not yet filed its 2005 financial statements, the ruling is considered a subsequent event under
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