Cigna and SAICO Announce Joint Venture Agreement
BLOOMFIELD, Conn. & MANAMA, Bahrain, December 11, 2012 - The Global Health Benefits business unit of Cigna (NYSE:CI) and Saudi Arabian Insurance Company B.S.C (C) (SAICO) today announced they signed a joint-venture agreement to enhance their current partnership in developing their portfolio of health, wellness and insurance products targeted to regional and multi-national employers and organizations across the Middle East, expanding the 11-year business relationship between these two companies.
"The Middle East is an important part of Cigna's global growth strategy, and the new joint venture demonstrates our deepening commitment to investing in the region. We want to deepen our commitment to serving the local population as well as the globally mobile workforce on assignment in the region," said Andrew Kielty, President of Cigna Global Health Benefits. "SAICO is a well-regarded general insurance company in the region and in partnership together, we have developed a solid reputation in the marketplace through our collective strength and focus, market knowledge, vast network and combined service proposition."
"The Middle East is the primary market for SAICO's operation where the medical business is one of the fastest growing areas for the company. SAICO is committed to servicing clients in the health insurance business as it does in other insurance lines. The joint venture combines the strengths of our two organizations and aligns the current partnership around a common goal of meeting the needs of customers and clients located in the Middle East for enhanced customer service and efficiency. In this partnership with Cigna, SAICO will be able to improve on cost containment through clinical and claims management," said Nagib Bahous, President and CEO of SAICO.
Cigna and SAICO each will own half of the joint venture partnership. The JV partnership is committed to continuing to invest, growing further its product offerings and service capabilities in the Middle East and gaining market share in this geography.
The joint venture is subject to regulatory approvals and other conditions. Once the formalities are finalized, the joint venture will announce its official name, headquarters, and other pertinent details.
Photo opportunity: members of Cigna's Global Health Benefits executive team and those of SAICO will be in Bahrain for signing ceremonies on December 11th at the Sheraton Hotel.
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 by or 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, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has approximately 71 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
Saudi Arabian Insurance Company B.S.C (C) (SAICO) is a closed joint stock company incorporated in Bahrain to transact all classes of insurance. SAICO has a network of established offices operating within the GCC. Its sister company in Lebanon is Saudi Arabian Insurance Company S.A.L. SAICO's international connections for complex and specialized risk placement are impeccable. SAICO deals in Medical as well as all other lines of insurance, and has an excellent reputation in the region. SAICO has a long successful history in the region as its predecessors have been in existence in the Middle East for nearly half a century. To learn more, visit www.saico.com.sa.
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