Cigna Taking $14M Charge After Adverse Ruling

Cigna Corp. CI said Tuesday it would take a $14 million charge against 2005 earnings after losing a dispute over a retrocessional arrangement on runoff workers' comp reinsurance. The adverse ruling by a London arbitration panel is considered a subsequent event under generally accepted accounting principles, and it must be recorded in Cigna Corp.'s 2005 financial statements, the company said. Cigna, which announced 2005 fourth-quarter and full year financial results on Feb. 8, is adjusting those results to reflect the impact of the ruling. Cigna expects to file its 2005 Form 10-K, including t...