ACE takes Cigna to court over P&C sale.
ACE is taking legal action against CIGNA Corporation for breach of contract, following its $3.45bn a...
ACE is taking legal action against CIGNA Corporation for breach ofcontract, following its $3.45bn acquisition of CIGNA's property and
casualty business.
The acquisition was completed on 2 July 1999.
The Bermudian insurer alleges that CIGNA breached its obligations under
the Acquisition Agreement on two issues. Firstly, it contends that the
financial statements provided by CIGNA failed to fairly represent the
financial condition of the acquired companies. Secondly, ACE contends that
CIGNA has
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