Cigna finished the 3rd quarter of 2008 with only $40MM in cash. This is well below the company's stated target of $250MM. The severity of this situation is compounded by a number of factors. The company's pension fund is underfunded and has become more so as the assets in the fund have decreased in value with the declining market. The company will have to inject additional cash, perhaps several hundred million. In the previous year, over 68% of the company's operating income came from investment income. You'd have to be blind not to see that it won't be able to post the same numbers this year. Finally, the company has access to credit lines, but some of these lines can only be used if Cigna debt to equity covenant stays below a certain level. As the company's prospects continue to deteriorate, it's debt ratios will likely increase as well. All in all, not a pretty picture.