Business Services Industry
A.M. Best Places Ratings of CIGNA, Healthsource Units Under Review After Acquisition Plan is Announced
Business Wire, Feb 28, 1997
OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 28, 1997--Effective immediately, A.M. Best Co. has placed the ratings on CIGNA Corp.'s life insurance subsidiaries and the life and HMO subsidiaries of Healthsource Inc. under review with developing implications. This action follows today's announcement of CIGNA's plan to acquire Healthsource through a tender offer.
The ratings will remain under review pending further discussions with CIGNA and Healthsource and the closing of the transaction. CIGNA's property/casualty companies are not affected by this action. The CIGNA subsidiaries placed under review are: Connecticut General Life Insurance Co., INA Life Insurance Company of New York, Life Insurance Company of North America, and CIGNA Life Insurance Co.-- all of which are rated "A " (Superior) -- and CIGNA Worldwide Insurance Co., which is rated FPR 5.
The Healthsource life insurance subsidiaries affected are: Healthsource Insurance Co. -- which is rated "A" (Excellent) -- and Healthsource Indiana Insurance Co., Healthsource Insurance Group Inc. and Healthsource Insurance Services Inc., which are rated "A-" (Excellent).
The Healthsource HMO subsidiaries placed under review are: Healthsource New Hampshire Inc. -- rated "A" -- and Healthsource HMO of New York Inc., Healthsource Indiana Managed Care Plan Inc., Healthsource Maine Inc., Healthsource North Carolina Inc., Healthsource South Carolina Inc. and Healthsource Tennessee Inc., which are rated "A-".
A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source.
CONTACT: A.M. Best Co.
Jeffrey Dunsavage, 908/439-2200, ext. 5618
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