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

Cigna won’t be pursuing a deal with Humana, the health insurer said Monday. In light of recent and persistent speculation, Cigna confirmed that it is not pursuing a combination with Humana, in a press release early Monday.

Humana shares drop 7% premarket as Cigna confirms it won't pursue combination with the managed care insurer.