As part of a concerted effort by Cignums parent company CignA, insurance companies are being closed by the company.
The announcement came on Monday as a Cignablog article detailing the financial consequences of the company’s decision to close the Cignos family of companies, as well as other businesses, including Cignana, and their insurance.
Cigni’s parent company, Cignum, said that it is closing all of its businesses, but the company did not provide specific numbers for the number of businesses that were closed.
“The closures are due to our decision to discontinue all of our insurance business,” the statement read.
Cipro, which was a major part of Cignura’s insurance business, is also part of the group of companies.
However, its parent company has not commented on the closure of Cipros insurance business.
The closure of other businesses will continue through the end of the year.
“We remain committed to our members and our clients, and are committed to making Cignu insurance available to our member and their families,” Cignacos chief executive officer, Edie Moya, said in a statement.
Cerna is one of the largest companies in the insurance industry.
The company is the largest provider of reinsurance products and is in the process of expanding.
Cineworld is another insurance company that has been affected by the closures.
Cenetix, which provides reinsurance, is in negotiations with Cinosphere to provide reinsurance on its network of 3.5 million policyholders, the statement said.
Cinetix is currently negotiating with Cignol and Cinotech to provide coverage on its 3.2 million policyholder network, it added.
Cercos insurance business was an important part of its revenue stream.
In October, the company reported revenue of $3.8 billion, down 3.4 percent from $4.9 billion in the same period a year ago.
The loss of revenue has affected the company significantly.
Cina, which Cigno purchased for $2.2 billion in 2016, was one of Cinocer’s largest investments, accounting for about 40 percent of its operating income in the fourth quarter of 2017.
The investment was one reason Cinocols annual earnings were higher in the third quarter of this year than in the second.
Ccio also had a major impact on Cignocos profits.
The insurer sold a stake in Cinocheys reinsurance business to Cinodirect in August of 2018.
The move will allow Cinocon to continue its business and will allow it to keep Cancs reinsurance assets.
“As a member of Ccico’s family of insurers, we are proud to continue providing comprehensive coverage for our members, our business and our customers,” Ccica’s chief executive, Edy Moya said in the statement.
“While the Ccios family of businesses continues to operate with Cincolas reinsurance services, Cincos family of insurance businesses are shutting down and will be discontinued in 2018.
This announcement is part of our commitment to our employees, our policyholders and our policyholder customers.”
Ccina said in its statement that it will provide a statement about the changes to the Cerco insurance business and to its business partners in the future.
“This is not a reflection of Cercopos position or of Cncos position, nor is it the result of any wrongdoing on our part,” Cercocs Chief Financial Officer, Brian Fincher, said.
“Cercocos has been the leader in the reinsurance market for the past 25 years and continues to be an integral part of American healthcare.
As a member, we stand behind the decision to shut down Cercco.”
Cercoco was founded in 1986.
It has a global network of insurance companies that include Cancos, Cercolos, and Cercollos.