CIGNA and ACE Confirm Discussions.PHILADELPHIA, Pa. and HAMILTON Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , Bermuda--(BUSINESS WIRE)-- Dec. 22, 1998--Although premature to speculate on the outcome, CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) Corporation (NYSE NYSE See: New York Stock Exchange :CI) and ACE Limited (NYSE:ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. ) confirm that they are discussing a global strategic alliance. The discussions include the possible acquisition of CIGNA's domestic and international property and casualty businesses by ACE. These discussions are focused on strengthening the global capabilities of both companies. The terms of the possible alliance have not yet been finalized See finalization. although the parties expect the final purchase price to be materially in excess of $3 billion. Brian Duperreault, Chairman, President and Chief Executive Officer of ACE stated, "This would be a unique opportunity for ACE to acquire one of the premier global property and casualty franchises." Until a final agreement is reached, neither ACE nor CIGNA will have further comments. There can be no assurance that a definitive agreement will be reached. |
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