A company-sponsored retreat to the Cayman Islands last week for 33 sales employees and their guests cost the company more than $250,000 -- and the president and CEO his job, according to the Associated Press.

Blue Cross Blue Shield of North Dakota fired Mike Unhjem, the company's top executive since 1991, following the four-night getaway at the Westin Casuarina on Grand Cayman.

Company Chairman Dennis Elbert said that he and other board members had fielded calls from angry policyholders when news of the trip became public.

The news comes at a time when the company is seeking increases in three rate categories and reported a $28 million loss in 2008.

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