BLOOMFIELD, Conn., May 10, 2012 - Cigna Corporation (NYSE: CI) and American Financial Group (NYSE: AFG) today announced that they have signed a definitive agreement whereby Cigna will acquire Great American® Supplemental Benefits Group, one of the largest manufacturers, distributors, and marketers of supplemental health insurance products in the United States. The transaction is expected to close during the second half of 2012 following customary regulatory approval.
"Great American Supplemental Benefits is an ideal strategic fit with Cigna's growth plans to expand our presence in the U.S. Individual and Seniors segments through a broad range of supplemental health solutions," said Thomas Richards, President, Cigna Individual and Family Plans.
The combination provides Cigna with several significant opportunities for additional growth:
- Expand individual supplemental benefits offerings to Cigna customers in the United States;
- Bring a scaled offering to the highly-attractive Seniors segment, with strong capabilities in Medicare Supplement and Other Supplemental Benefits;
- Extend Cigna's global direct-to-consumer retail channel; and
- Further enhance Cigna's diverse distribution network of agents and brokers.
"We are excited to have Great American's talented team, led by their President, Brad Wolfram, join the Cigna organization," continued Richards. "Their product portfolio and distribution channels combined with Cigna's next generation retail capabilities will further enhance our U.S. and international consumer services. We will work to create substantial value for our customers, shareholders, employees, and other key stakeholders as we extend our health solutions and services across the individual and senior segments."
Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, and other related products including group disability, life, and accident coverage. Cigna has sales capability in 30 countries and jurisdictions, with approximately 70 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.