Company officials said Monday they are not pursuing a merger with rival Humana, causing Cigna's stock to rise in the markets.

Despite reports that merger talks were back on, Cigna officially squashed rumors that it was looking to acquire Humana in a statement on Monday. | Despite reports that merger talks were back on, Cigna officially squashed rumors that it was looking to acquire Humana in a statement on Monday.

Shares of Humana (NYSE:HUM) slid 7% premarket on Monday after Cigna (NYSE:CI) confirmed it won’t pursue combination with the managed care insurer. “In light of recent and persistent speculation, The Cigna Group expects to communicate that the company is not pursuing a combination with Humana Inc.