Fitch Places Cigna on Rating Watch Negative

Fitch Ratings has placed the ratings on Cigna and Connecticut General Life Insurance Company (CG Life) on Rating Watch Negative. The rating action affects approximately $1.6 billion of debt outstanding as of June 30, 2002. The rating action primarily reflects Fitch's concern regarding recent charges related to Cigna's run-off reinsurance business. Cigna recently announced a $315 million charge related to workers' compensation reinsurance contracts assumed from both reinsurance pool managed by Unicover and the London market. The amount of the charge was somewhat higher than Fitch's expectati...