Insurer Chubb to acquire Cigna in Asia, TurkeyReuters, SingaporeUS insurer Chubb Ltd has agreed to buy health insurer Cigna Corp’s life, accident and supplemental benefits businesses in Asia-Pacific and Turkey for US$5.75 billion in cash, both insurers said, marking the latest consolidation in Asia’s insurance sector. “The addition of Cigna’s business, which is overwhelmingly accident and health, will rebalance our global portfolio towards this important region,” Chubb CEO Evan Greenberg said. In August, HSBC Holdings agreed to acquire French insurer Axa’s Singapore assets for US$575 million. Last year, Singapore Life, an upstart insurer backed by investors including buyout group TPG, acquired the Singapore business of British insurer Aviva for nearly US$2 billion as it expands in Southeast Asia. Cigna said Chubb is acquiring Cigna’s business in South Korea and would to continue to operate it under the LINA Korea brand.

Source: Taipei Times October 08, 2021 05:15 UTC