PHILADELPHIA & ANTWERP, Belgium--(BUSINESS WIRE)-- Global health service company CIGNA (NYSE:CI) has acquired Vanbreda International, based in Antwerp, Belgium, giving CIGNA unmatched global reach in expatriate benefits and further accelerating CIGNA's global growth strategy.
Privately owned, Vanbreda International specializes in the provision of worldwide medical insurance and employee benefits to intergovernmental and non-governmental organizations, including international humanitarian operations, as well as corporate clients.
Representing the largest customer base of globally mobile employees working on assignment in virtually every country in the world, Vanbreda International and CIGNA – together – care for more than 700,000 expatriate customers worldwide.
"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," said William L. Atwell, president of CIGNA International.
Welcoming Vanbreda International to the CIGNA team, Atwell said Vanbreda International’s strong presence in Europe complements CIGNA's position in providing expatriate benefits primarily to corporate clients in North America, as well as Europe and Asia.
"There is little overlap between our current businesses and capabilities, bringing mutual opportunity to both," Atwell said. He also stressed the "strong cultural fit" between CIGNA and Vanbreda International, noting Vanbreda International’s history of extraordinary service delivery and client retention and CIGNA's commitment to extending that tradition.
Under the Vanbreda International brand, the company will continue to operate as an independent business under the existing leadership of Chief Executive Officer Rudi Bertels and Chief Operating Officer Wouter Reggers.
"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.
Atwell stressed that CIGNA is dedicated to customer service, open communication and employee satisfaction as both companies transition through the acquisition. "We will create an environment of success so the experience is a positive one for everyone."
He noted that “CIGNA will build on strong client retention rates and our unmatched global reach, further accelerating CIGNA's global growth strategy.”
UBS Investment Bank acted as sole financial advisor for CIGNA on the transaction. Financial details of the acquisition were not disclosed.
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. Outside the U.S., CIGNA serves expatriates in virtually every country in the world and provides employers, affinity groups and individuals access to quality local and global health care and related financial protection programs. CIGNA offers products and services in over 27 countries and jurisdictions and has approximately 60 million customer relationships throughout the world. 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/section_display.cfm?section_id=18
About Vanbreda International
Vanbreda International has 50 years of experience in designing, implementing and managing cross-border health insurance and employee benefits programmes for international organisations, multinational corporations and their international workforce, as well as individual expatriates. With more than 400 employees, the company has offices and sales representations in Europe (Belgium (headquarters), the Netherlands, Germany, Italy, the UK and Switzerland), the Middle East (UAE), Africa (Kenya, South Africa), Asia (China, Singapore and Malaysia), Latin America (Chile) and the US (Florida). Vanbreda International serves plan members on a 24/7 basis in 192 countries.
Safe Harbor Provisions
This press release contains forward-looking statements that are based on CIGNA management's beliefs and assumptions and on information available to management at the time the statements are or were made. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "future," "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "may," "should" or similar expressions. In order for CIGNA to use the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, you are cautioned that these statements may be affected by the important factors, among others, included in the discussion in Part I, Item 1A, and Part II, Item 7, of CIGNA’s Annual Report on Form 10-K for the year ended December 31, 2009 as well as risk factors included in the quarterly report on Form 10-Q for the quarter ended June 30, 2010. CIGNA cautions that actual operations and results could differ materially from those expressed in these forward-looking statements.
Gloria Barone, 215-761-4758
KEYWORDS: United States Belgium Europe North America Pennsylvania
INDUSTRY KEYWORDS: Health Professional Services Insurance General Health Managed Care