Managed Care Report
Managed Care Report
• Cigna’s (Philadelphia) board declared a regular quarterly cash dividend of 30 cents per share. The dividend is payable Jan. 10 to shareholders of record on Dec. 23, 1999. In addition, Cigna’s board set Feb. 28 as the record date for determining shareholders entitled to vote at its annual shareholders meeting April 26. The board determined that four directors will be elected and nominated Alfred DeCrane, Edward Hanway, Wilson Taylor, and Harold Wagner for three-year terms to expire in 2003.
• Penn Treaty American Corp. (Allentown, PA) has entered into a joint venture agreement with Independence Blue Cross (IBC; Philadelphia) to market, underwrite, and service long term care insurance. The joint venture will involve long term care products sold to IBC customers in Philadelphia, Bucks, Chester, Delaware, and Montgomery counties in Philadelphia, Penn Treaty said. Under the plan, Penn Treaty will develop a long term care insurance product for IBC to be marketed solely by IBC-licensed agents. Penn Treaty will retain all risk for future claims under a coinsurance agreement, the company said.
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