Cigna Health Group

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Cigna is an American worldwide health services organization. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups (e.g. governmental and non-governmental organizations, unions and associations).

Cigna also offers Medicare and Medicaid products and health, life and accident insurance coverages primarily to individuals in the U.S. and selected international markets. In addition to its ongoing operations described above, Cigna also has certain run-off operations, including a Run-off Reinsurance segment. In the Phoenix, Arizona, metropolitan area, Cigna runs a full-service staff-model HMO (health maintenance organization) with satellite clinics throughout the region, known as the Cigna Medical Group Their tag line is 'We Can Help You Be at Your Best'


Company history

Cigna was formed by the 1982 merger of the Connecticut General Life Insurance Company (CG) and INA Corporation (the parent corporation of Insurance Company of North America, the first stock insurance company in America). Insurance Company of North America was formed in 1792 and is therefore a corporate ancestor of Cigna. The CG was created in 1865 by a special act of the Governor of Connecticut. In October 1871, the great Chicago Fire burned for two days, destroyed 2,000 acres and left 100,000 people in Illinois homeless. INA paid $650,000, one of only 51 insurance companies (out of a total of 202) to pay claims in full.

Before selling its international property and casualty business to the Bermuda-based ACE Insurance company in the late 1990s, Cigna was among the companies with a large international network comparable to those of AIG, Allianz, and Zurich. The strategy behind the sale was to concentrate on core business. ACE – at that time a key player at the Bermuda and Lloyds insurance market – on the other hand was interested on expanding the international network in the traditional insurance market.
Cigna sold the majority of its life insurance operations to Lincoln National Corporation in 1997.

Cigna now operates in 30 countries, has approximately 35,800 employees and manages around US$53.734 billion in assets.

In October 2011, Cigna has agreed to buy HealthSpring Inc. for $3.8 billion to jump-start its business selling Medicare plans from 46,000 Medicare Advantage members to almost 400,000 Medicare Advantage members.[9] The payment would come from an issue of new equity to cover about 20 percent of the value, with the rest funded by additional cash and debt.

In 2002, it was alleged in violation of the Securities Exchange Act for earnings manipulation. Its common stock price plummeted significantly as a result.

In June 2015, U.S. health insurer Anthem Inc. announced an offer to acquire Cigna for more than $47 billion in cash and stock. Anthem confirmed it had reached a deal to buy Cigna on July 24, 2015.

Website www.Cigna.com