Connecticut General Corp

Connecticut General Corp – Its insurance subsidiaries are major providers of health, accident, disability, life and accident insurance and related products and services, most of which are offered by employers and other groups (such as governmental and non-governmental organizations, labor unions and associations) . Cigna is incorporated in the state of Delaware.

And Medicaid, health, life and accident insurance products, primarily to individuals in the United States and certain international markets. In addition to its continuing operations described above, Cigna also has certain additional operations, including a secondary reinsurance segment.

Connecticut General Corp

Connecticut General Corp

In the Foix metropolitan region, Cigna operates a full-service model health maintenance organization with satellite clinics throughout the region known as Evernorth Care Group.

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The company was ranked 15th on the 2023 Fortune 500 list of the largest US corporations based on total survey volume.

Cigna was formed through the 1982 merger of Connecticut General Life Insurance Company (CG) and INA Corporation (part of the Insurance Company of North America, America’s first stock insurance company).

The Insurance Company of North America was founded in 1792, and CG was created in 1865 by special act of the Governor of Connecticut. In October 1871, the Great Chicago Fire burned for two days, destroying 2,000 acres and leaving 100,000 people homeless in Illinois. INA paid $650,000, becoming one of 51 insurance companies (out of 202) to pay claims in full.

Before Cigna sold its domestic and international property and casualty business to Bermudian insurer ACE in the late 1990s, Cigna was one of the companies with an extensive international network comparable to that of AIG, Allianz and Zurich. The sale strategy was to focus on the core business. ACE – then a key player in the Bermuda and Lloyd’s insurance market – was, on the other hand, interested in expanding its international network in the traditional insurance market.

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In 2002, the company was alleged to have violated the Securities Exchange Act and manipulated earnings. As a result, the price of its common stock fell significantly.

In October 2011, Cigna agreed to acquire HealthSpring Inc. for $3.8 billion to start a business that would sell Medicare plans from 46,000 Medicare Advantage members to nearly 400,000 Medicare Advantage members.

Payment will be made by issuing new shares that will cover about 20 percent of the cost, with the rest financed through additional cash and debt.

Connecticut General Corp

In 2013, Cigna operated in 30 countries, had approximately 35,800 employees, and managed approximately US$53.734 billion in assets.

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In June 2015, the American insurance company Anthem Inc. announced it would acquire Cigna for $47 billion in cash and stock.

That same month, Cigna Corp. merger agreement with Anthem Inc. worth 48 billion dollars. cancelled, with Anthem saying it “will continue to defend its rights under the merger agreement and remains committed to closing the transaction.”

Having exhausted federal antitrust appeals on mergers, the companies turned to each other in the Delaware Chancery Court.

The legal saga came to a head with a ruling on August 31, 2020, ending both companies’ claims to compensate each other for the failed merger.

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On March 7, 2018, it was announced that Cigna would acquire Express Scripts in a deal valued at $67 billion.

In June 2020, Cigna formed a strategic alliance with Priority Health to make comprehensive health care more accessible and affordable for Michigan employers and consumers.

In September 2020, Cigna rebranded its healthcare portfolio as Evernorth, which includes Express Scripts, Accredo and eviCore.

Connecticut General Corp

In October 2020, it was announced that Cigna and Vision Healthcare had renegotiated their agreement to include Vision physicians as in-network providers for Cigna members.

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February 13, 2023 Cigna has a holding company, The Cigna Group, a Cigna Healthcare business unit that supplies medical suits, and an Evernorth business unit, Evernorth Health Services.

Cigna Global Health Benefits is a business unit of Cigna. The company is headquartered in Wilmington, Delaware, near Philadelphia. Additional Cigna Global Health Benefits locations are located in Visalia, California, Greece, Scotland, Shanghai, China and Antwerp, Belgium. Sales offices are located in North America, Europe, Asia and the Middle East.

CGHB’s global health plans typically include medical, health, behavioral and disability plans, as well as business travel and lifestyle components. Expatriates are defined as employees of multinational companies who work outside their home country on short-term or long-term international assignments.

CGHB maintains its own international claims platform and provides its members with a network of physicians and hospitals (including 550,000 in the US and more than 141,000 outside the US).

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On February 9, 2005, Cigna elected to adopt fair value accounting for its stock options in the fourth quarter of 2004 in accordance with SFAS No. 123 accept and reformulate previous periods.

The British newspaper Guardian, in its video blog Esc and Ctrl, dedicated to corporate control of the Internet, documented an incident when Natalina Sarkisyan and a former vice president of Cigna spoke about astroturfing, the practice of creating fake blogs by interest groups, such as health insurance companies, to promote in the media. information statements that are beneficial to the specified company, for example. reject universal health care.

From 2005 to 2009, Cigna spent more than $4.4 million lobbying for legislation to benefit the company. This includes $720,000 in 2009 alone, when 20 lobbyists at five firms worked on their behalf.

Connecticut General Corp

In 2008, Cigna’s head of public affairs, Udell Potter, resigned and became a whistleblower who testified before the Commerce, Science and Transportation Committee in 2009 in favor of health care industry reform.

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In December 2007, Cigna came under fire after the company refused to pay for California tea girl Natalina Sarkisian’s liver transplant, justifying its refusal to pay by saying the procedure was experimental, even though the liver was already ready and waiting. be. she received a transplant and doctors estimated that she had a 65% chance of surviving for at least six months.

In response to numerous protests and public attention, Signa reversed its decision. Sargsyan died while waiting for a transplant.

Cigna notes that it had no financial interest in the decision to authorize the transplant because it was simply covered by Mr.’s insurance plan. Sargsyan’s employer administers and does not bear the costs of any operation. However, Cigna offered to pay for the transplant itself, making an exception to the rule.

Although liver transplants have been performed since 1963 and are an accepted treatment option for stage D liver disease and acute liver failure, Cigna defended its actions by saying there was insufficient data to show that a transplant would be appropriate for a patient with Sarkisian’s condition. safe and effective.

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The California court agreed with Cigna’s position that the Sarkisians’ claims regarding Cigna’s decision-making were prohibited by federal ERISA. On April 16, 2009, the United States District Court for the Central District of California dismissed all claims against Cigna related to coverage determinations.

Cigna received Gold at the 2009 Gartner & 1to1 Customer Experience Excellce Awards. The awards recognize companies that “demonstrate the most robust exemplary customer relationship strategy and unsurpassed level of customer service.”

In January 2010, Cigna received the JD Power Customer Service Award for the fourth consecutive time for all of its telephone services.

Connecticut General Corp

In 2011, the California Nurses Association found that Cigna died on about 39.6% of all claims (compared to competitors like Aetna, which died on about 5.9% of all claims during the same period).

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On April 16, 2010, Cigna announced an alliance with Humana Group to offer a streamlined Medicare Advantage offering through employer groups to retirees.

In November 2023, Reuters reported that Cigna and Humana were in merger talks valued at $60 billion.

In November 2011, Cigna and TTK Group, an Indian business conglomerate focused on healthcare, entered into a joint venture called Cigna TTK to develop a health insurance business in India, subject to government approval.

In 2015, the American Consumer Satisfaction Index named Cigna one of the most hated companies in the United States.

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In August 2020, the Department of Justice filed a lawsuit against Cigna, alleging that the company defrauded the Medicare Advantage, Medicare and Medicaid programs out of $1.4 billion by providing diagnosis codes for health conditions that patients did not have.

In November 2020, investors sued Cigna’s CEO and board of directors, alleging they used “black ops” tactics to “blow up” their 2017 merger with Anthem.

One pension fund accused Cigna CEO David Cordani of trying to poison the deal after he failed to secure the top job at the resulting company. The foundation said it used lawyers and public relations specialists to orchestrate the Trojan horse campaign. The merger would create the largest health insurance company in the United States.

Connecticut General Corp

In 2023, Cigna came under fire for allowing the company’s doctors to deny claims unless they opened a patient’s file. The company was found to be using a PXDX system, which Propublica said “saved money in two ways. She allowed Cigna to begin denying claims that she paid once. need to open a file or conduct an in-depth analysis

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