Cigna Finalizes FirstAssist Acquisition
- FirstAssist provides travel, protection and accident policies
- FirstAssist CEO to lead Cigna division
BLOOMFIELD, Conn., December 01, 2011 - Global health service company Cigna (NYSE:CI) has finalized the acquisition of FirstAssist Insurance Services Limited following regulatory approval from the UK's Financial Services Authority in late October.
FirstAssist Insurance Services and FirstAssist Legal Protection will be part of Cigna International's Health, Life & Accident division.
Following the purchase of FirstAssist by Cigna, the arrangement between Great Lakes Reinsurance (UK) PLC (a wholly owned subsidiary of Munich Re) and FirstAssist has been renewed. Great Lakes will remain the fronting insurer for FirstAssist's travel, protection and accident policies offering continuity for clients and policyholders.
"The deal enhances Cigna's presence in Europe and enables us to offer an expanded range of products and services to our customers across our businesses in Europe and Asia Pacific," said Jason Sadler, Chief Executive Officer, Global Health Life & Accident, Cigna International.
As a result of the acquisition, Alistair Hardie, previously CEO FirstAssist Insurance Services, is appointed Chief Executive Officer Europe Health, Life and Accident Business, Cigna International.
"As part of Cigna, we now have access to a broader range of health, life and accident products which we will offer to affinity clients with the same levels of flexibility and innovation that have helped us achieve our success so far. A broader product range, combined with our extensive expertise in managing customers of affinity brands, better positions us to develop exciting customer propositions for our clients," said Alistair Hardie.
Cigna (NYSE: CI) is a global health service 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 70 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://www.cigna.com/newsroom/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.
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