Cigna, a US-based provider of group life, accident and disability insurance, has acquired Belgium-based Vanbreda International, to further accelerate its expatriate benefits business.
Vanbreda International provides medical insurance and employee benefits to intergovernmental and non-governmental organizations, including international humanitarian operations, and also corporate clients.
Cigna said that Vanbreda will continue to operate as an independent business under the existing leadership of chief executive officer Rudi Bertels and chief operating officer Wouter Reggers.
Cigna International president William Atwell said that the acquisition demonstrates the company’s growth strategy to go deep into existing segments to diversify its earnings stream, build on strengths and serve customer needs.
UBS Investment Bank has acted as sole financial adviser for Cigna on the transaction. The financial details of acquisition were not disclosed.