Cigna Seizes The Shears

It's crunch time for Gerald A. Isom. As the new president of CIGNA Corp.'s big property/casualty (p/c) division, his task is to stem its growing losses--or risk having CIGNA wash its hands of the unit. Isom isn't the only executive at CIGNA facing a tough challenge: The insurance giant's health business, which combined with p/c makes up more than 50% of CIGNA's $18.6 billion in annual revenues, is threatened by federal reform proposals. Other divisions are also under pressure. So CIGNA is reexamining its long-established identity as a provider of a broad range of insurance services. "We are simply not going to be all things to all people," says Chairman and Chief Executive Wilson H. Taylor.

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