INSURANCE

3 Major Insurers Contest Cigna Breakup Plan: Chubb Corp., American International Group and St. Paul Cos. said they have filed objections with Pennsylvania regulators over Philadelphia-based Cigna Corp.’s plan to split its property and casualty businesses into two companies--one healthy, the other a runoff with finite assets and uncertain environmental and asbestos liabilities. The insurers said the objections were filed in conjunction with several Cigna policyholders. Objectors said the restructuring plan threatens to burden policyholders, claimants, creditors and state guaranty funds because there may be insufficient assets available to the runoff company to pay Cigna’s share of environmental and asbestos claims. Chubb, AIG and St. Paul said they and the policyholders seek full disclosure about the Cigna plan.