Ratings outlook of annuity issuer Cigna upgraded by Fitch

10/9/2013 | Reuters

Fitch Ratings affirmed the credit ratings of variable annuity issuer Cigna and its subsidiaries and revised the ratings outlooks from stable to positive. A key factor in the upgrade was Cigna's reinsuring of most of its its variable-annuity business with Berkshire Hathaway in this year's first quarter. Cigna received $4 billion of coverage against claims after paying a $2.2 billion reinsurance premium.

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