The U.S. insurer Chubb Ltd has agreed to buy health insurer Cigna Corp’s (CI.N) life, accident, and supplemental benefits businesses in Asia Pacific and Turkey for USD 5.75bn in cash, both insurers said, marking the latest consolidation in Asia’s insurance sector.
The operations to be acquired include Cigna’s A&H and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia and its interest in a joint venture in Turkey. These operations generated approximately USD 3bn in net premiums written in 2020.
