Cigna buys Vanbreda, expands international reach

Cigna (NYSE: CI) acquired Vanbreda International N.V., a privately-owned Belgian company that provides medical insurance worldwide, for an undisclosed amount, the company announced last week.

The acquisition more than doubles Cigna’s expatriate customer base to 700,000, making it the top global provider of expat benefits, Gloria Barone, a Cigna spokesman, told BestWire Services.
 
The acquisition reflects part of Cigna’s growth strategy, which involves seeking worldwide opportunities to diversify the company’s earnings stream by going deep and global, William L. Atwell, president of Cigna International, said in a statement. "There is little overlap between our current businesses and capabilities," he said. Vanbreda’s strong presence in Europe complements Cigna’s markets in North America, Europe and Asia.
 
Vanbreda International supplies intergovernmental and nongovernmental organizations, such as Unicef, the World Bank and the United Nations, with medical insurance and employee benefits programs. The addition of intergovernmental organizations and NGOs is new for Cigna, Barone told BestWire Services.

Vanbreda will continue to operate independently under its current leadership.
 
To learn more:
- see Cigna’s press release
- read this International Insurance News article
- read the InsuranceNewsNet.com article

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