Friday 3rd September 2010

Cigna Insurance Buys European Expat Benefit Firm

Cigna Insurance, the global health and expatriate benefit service has acquired Belgium-based Vanbreda International in a move that promises to give the North American company a true global reach for expatriate medical care and benefits that covers over 700,000 expatriate customers all over the world.

Previously privately owned, Vanbreda International specializes in the provision of expatriate benefits for across both the public and private sectors; including intergovernmental agencies, humanitarian operations and corporate clients. It currently has an estimated 400 employees working throughout the world.

It is believed that the purchase will strengthen CIGNA’s existing global employee benefits business while also allowing them an opportunity to take advantage of Vanbreda’s growing portfolio of private business with individual expats.

"The acquisition demonstrates CIGNA's growth strategy to go deep into existing segments, to go global—seeking worldwide opportunities to diversify our earnings stream, build on strengths and serve customer needs—and to go individual, as Vanbreda International has a growing portfolio of international individual business

"There is little overlap between our current businesses and capabilities, bringing mutual opportunity to both," said William Atwell, president of CIGNA International in a press release.

He went on to reassure customers that the merger would not negatively impact the service levels provided under CIGNA’s care:

"We will create an environment of success so the experience is a positive one for everyone.

"CIGNA will build on strong client retention rates and our unmatched global reach, further accelerating CIGNA's global growth strategy."

Once the purchase is complete it is believed that Vanbreda will continue to operate as an independent business and will continue to be run by Rudi Bertels, the current CEO.

"As we join forces with CIGNA, we look forward to building on our proud legacy of service and adding enhanced capabilities for our customers, such as CIGNA's leading suite of health and wellness offerings," Bertels said in a press release.

Looking for advice on expat insurance?

If you’re moving abroad and seeking help choosing expat insurance then please see our free guide to expat insurance. It contains everything you need to know about choosing a medical care provider and talks you through the steps you will need to take to ensure that you have adequate coverage throughout the duration of your overseas assignment.

Read the full article: http://www.ctnow.com/business/hc-cigna-expatriate-0901-20100831,0,6508659.story

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