Cigna Corp. history, profile and corporate video
Cigna Corp. is a global health service and health insurance company headquartered in Bloomfield, Connecticut, United States.
The company provides its products and services exclusively by or through its operating subsidiaries. Its subsidiaries offer individual and family medical and dental insurance plans, group health insurance and health benefit plans, life, accident, critical illness, hospital indemnity, and disability plans, group universal life insurance plans, and other related products and services.
Cigna Corporation was formed in 1982 by the merger of the Connecticut General Life Insurance Company (CG) and INA Corporation (the parent company of the Insurance Company of North America). The name ”Cigna” is a combination of the letters from the merging companies, CG and INA.
Connecticut General Life Insurance Company (CG)
The Connecticut General Life Insurance Company was founded in 1865 by a special act of the General Assembly signed by the Governor of Connecticut.
INA was founded in 1792 when a group of investors formed the Insurance Company of North America (INA) after a series of meetings in Philadelphia’s Independence Hall. INA is the first marine insurance company in the United States and the nation’s first stock insurance company.
In 1794, INA was incorporated and issued its first life insurance policy – insuring a sea captain against death during a voyage. The policy even included a clause against the risk of being captured by Barbary Coast pirates.
Throughout its history, INA played a significant role in resurrecting two of the biggest cities in the country after disaster.
In 1871, INA was one of only 51 insurance companies that paid claims in full after the Great Chicago Fire that left 100,000 people homeless.
In 1906, INA promised to pay losses in full after the San Francisco earthquake that left nearly five square miles of the city in ruins.
In 1978, INA entered the prepaid health plan business by acquiring HMO International, which operates hospitals in the U.S. and abroad. In 1980, INA purchased Ross-Loos, the nation’s oldest HMO, founded in 1923.
In 1984, Cigna Corporation acquired American Foreign Insurance Association (AFIA), an international insurance underwriting association.
In 1990, Cigna acquired EQUICOR, one of the largest providers of employee benefits in the U.S.
In 1997, Cigna acquired Healthsource, Inc.
In 1998, Cigna sold its individual life insurance and annuity business to Lincoln National Corporation, beginning to refocus on its health care business.
In 1999, Cigna sold its international and domestic property and casualty business, the Insurance Company of North America (INA), to ACE Limited. ACE Limited adopted the name Chubb Limited upon its acquisition of Chubb Corp. in 2016.
In 2004, Cigna sold the financial and retirement business to Prudential Financial, Inc.
In 2017, Cigna acquired Brighter to accelerate the development of technology platforms that connect health consumers and providers. That year, Cigna and CVS Health launched Cigna Health WorksSM, a new model for customer-enabled design for affordable, convenient access to pharmacy and health care.
With more than 70 000 employees, Cigna Corp. is considered one of the Largest Public Companies in the World, according to Forbes.
*Information from Forbes.com, Wikipedia.org, and ”www.cigna.com”.
**Video published on YouTube by “CompaniesHistory.com“.