Cigna Completes Acquisition of Great American Supplemental Benefits Group
- Cigna becomes one of the largest producers, distributors and marketers of supplemental health care and related products in the United States.
- The cash purchase price was $305 million, subject to closing adjustments
- Cigna expands presence in the U.S. Individual and Seniors segments with broad range of supplemental health solutions
- Acquisition enhances Cigna's diverse distribution network of agents and brokers and extends global direct-to-consumer retail channel
BLOOMFIELD, Conn., August 31, 2012 - Cigna (NYSE:CI) announced today it has completed its acquisition of Great American Supplemental Benefits from American Financial Group, Inc. (NYSE/NASDAQ:AFG) for $305 million in cash, subject to closing adjustments. Great American Supplemental Benefits Group, with 2011 premiums of $300 million and more than 200,000 current customer relationships, will now do business as Cigna Supplemental Benefits. The new business positions Cigna as one of the largest producers, distributors and marketers of supplemental health care and related products in the United States.
"The Great American Supplemental Benefits team's passion for helping customers, effective distribution relationships and approach to business is aligned with Cigna's values and business strategy. We look forward to working together to build on their success and extend our health solutions to more individuals," said Tom Richards, President, Cigna U.S Individual.
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.
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