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CIGNA
From Wikipedia, the free encyclopedia
| CIGNA Corporation | |
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| Type | Public (NYSE: CI) |
| Founded | CG and INA merger in 1982 |
| Headquarters | Philadelphia, Pennsylvania, USA |
| Key people | H. Edward Hanway, Chairman & CEO |
| Industry | Health Care Plans |
| Products | Group Disability, Life and Accident Insurance, and Disability and Workers' Compensation Case Management |
| Revenue |  $16.547 billion USD (2006) |
| Operating income | $1.159 billion USD (2006) |
| Net income | $1.155 billion USD (2006) |
| Website | www.cigna.com |
CIGNA Corporation (NYSE: CI) is a Philadelphia-based insurance company, the oldest stock insurance company in the United States. The Philadelphia headquarters are located in Two Liberty Place.
CIGNA can trace its roots back to 1792, and the founding of the Insurance Company of North America (INA), the country's first marine insurer. Its first life insurance policy was issued two years later. In 1865, the Connecticut General Life Insurance Company (CG) was formed in Hartford. Nearly 120 years later, in 1982, CG and INA merged to form CIGNA. In 1993 CIGNA introduced its Tree of Life brand identity. In 1997, CIGNA sold several of its staff model healthplans and the original Ross-Loos Medical Group which is the oldest health maintenance organization "HMO" in the United States to Birmingham, Alabama based MedPartners. In 1998, CIGNA sold its individual life insurance business to Lincoln National Corporation, and the next year it sold its property and casualty insurance business to the ACE Limited, for $3.5B cash. In 2000, it sold its reinsurance business to Swiss Re. In 2004, it sold its pension business to Prudential Financial. CIGNA's business segments include CIGNA Healthcare, CIGNA Group Life & Disability, and CIGNA International. Ed Hanway is the CEO of CIGNA and Mike Bell, the CFO. David Cordani leads the Healthcare segment as President.
Connecticut General was a major funder of the planned city of Columbia, Maryland.
Cigna was one of the insurance companies featured in the Michael Moore documentary "Sicko".
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In December 2007, CIGNA was criticized by hundreds of doctors, nurses, and other medical professionals after the company refused to pay for a liver transplant of a California teenage girl, Nataline Sarkisyan, justifying their refusal to pay by claiming that the procedure was "too risky". In response to much protest and public scrutiny, CIGNA finally reversed its decision, but only too late to save Ms. Sarkisyan who died awaiting the transplant. [1]
CIGNA defended their actions by stating that the procedure her doctors advocated was "experimental", and that there was no medically accepted evidence that the procedure that could have saved her life would work. Lawyers for the family are pursuing a case of Negligent homicide against CIGNA.
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