27 September 2011
- FirstAssist Insurance Services adds new product line to Cigna's extensive global portfolio
- With travel up eight percent, Cigna sees opportunities in offering customers protection against unexpected medical and other travel-related emergencies
- Deal enhances Cigna International's global footprint, affinity partner relationships and builds upon FirstAssist's strong product and distribution expertise
LONDON, September 27, 2011 - Global health services company Cigna (NYSE:CI) has agreed to acquire FirstAssist Insurance Services from Barclays Private Equity. FirstAssist is a leading travel and protection insurance company based in the United Kingdom. The acquisition will add a new product line to Cigna's extensive global portfolio, enabling the company to expand its individual business in the UK and around the world. Pending regulatory approval, the acquisition is expected to close in 2011.
FirstAssist, with nearly 3 million policy holders in the UK, specializes in providing products and services that protect customers and their families against unexpected events through travel, health, employment and legal-related insurance. With travel in major European and Asian markets up an average of eight percent in 2010, Cigna sees an opportunity to expand this business on a worldwide scale.
The deal combines FirstAssist's products, services and distribution partners with Cigna's world-class direct marketing operations, global medical network, successful affinity business model, and broad array of supplemental health, life and accident products.
"This acquisition closely aligns with our growth strategy and mission to help the customers we serve improve their health, well-being and sense of security," said William L. Atwell, president of Cigna International. "We welcome FirstAssist's 480 employees and their strategic business partners to Cigna."
"FirstAssist's strong presence in the UK complements our position as an industry leader with a broad global network of health care providers and direct marketing expertise in Europe and across Asia-Pacific," Atwell added. "FirstAssist and Cigna clients and customers will benefit through an expanded range of products from a trusted brand."
"FirstAssist has made great strides in the travel insurance sector and will benefit further from Cigna's long-term commitment to growth. As part of Cigna, we will now have access to wider distribution, additional product lines and the opportunity to extend our offerings to other Cigna markets," said Martin Totty, managing director of FirstAssist.
Cigna (NYSE: CI) is a global health service and financial company dedicated to helping people improve their health, well-being and sense of security. Cigna Corporation's operating subsidiaries in the United States provide an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, as well as group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions and has approximately 66 million customer relationships throughout the world. All products and services are provided exclusively by such operating subsidiaries and not by Cigna Corporation. Such operating subsidiaries include Life Insurance Company of North America, Cigna Life Insurance Company of New York, and Connecticut General Life Insurance Company. To learn more about Cigna, visit www.cigna.com. To sign up for email alerts or an RSS feed of company news, log on to http://newsroom.cigna.com/rss. Also, follow us on Twitter at @cigna, visit Cigna's YouTube channel at http://www.youtube.com/cigna and listen to Cigna's podcast series with healthy tips and information at http://www.cigna.com/podcasts or by searching "CIGNA" in iTunes.
About FirstAssist Insurance Services
FirstAssist Insurance Services Limited (FISL) is one of the UK's leading providers of tailored, flexible white-label specialist insurance solutions and has previously been named as one of the UK's fastest growing companies in the Sunday Times 'Buyout Track 100.' FISL has five key areas of insurance expertise: travel, protection, budget health, legal protection, and small business, protecting nearly three million policy holders in the UK. Driven as a specialist business by an entrepreneurial, commercial management team, FISL provides a unique range of products and marketing solutions for banks, insurers, affinity organizations, corporations, intermediaries, and small- and medium-sized enterprises. To learn more about FirstAssist, visit www.firstassistinsurance.co.uk.