Global health service company CIGNA (NYSE:CI) has acquired Vanbreda International, based in Antwerp, Belgium, giving CIGNA unmatched global reach in expatriate benefits and further accelerating CIGNA's global growth strategy.
“As we join forces with CIGNA, we look forward to building on our proud legacy of service and adding enhanced capabilities for our customers, such as CIGNA's leading suite of health and wellness offerings”
Privately owned, Vanbreda International specializes in the provision of worldwide medical insurance and employee benefits to intergovernmental and non-governmental organizations, including international humanitarian operations, as well as corporate clients.
Representing the largest customer base of globally mobile employees working on assignment in virtually every country in the world, Vanbreda International and CIGNA - together - care for more than 700,000 expatriate customers worldwide.
"The acquisition demonstrates CIGNA's growth strategy to go deep into existing segments, to go global - seeking worldwide opportunities to diversify our earnings stream, build on strengths and serve customer needs - and to go individual, as Vanbreda International has a growing portfolio of international individual business," said William L. Atwell, president of CIGNA International.
Welcoming Vanbreda International to the CIGNA team, Atwell said Vanbreda International's strong presence in Europe complements CIGNA's position in providing expatriate benefits primarily to corporate clients in North America, as well as Europe and Asia.
"There is little overlap between our current businesses and capabilities, bringing mutual opportunity to both," Atwell said. He also stressed the "strong cultural fit" between CIGNA and Vanbreda International, noting Vanbreda International's history of extraordinary service delivery and client retention and CIGNA's commitment to extending that tradition.
Under the Vanbreda International brand, the company will continue to operate as an independent business under the existing leadership of Chief Executive Officer Rudi Bertels and Chief Operating Officer Wouter Reggers.
"As we join forces with CIGNA, we look forward to building on our proud legacy of service and adding enhanced capabilities for our customers, such as CIGNA's leading suite of health and wellness offerings," Bertels said.
Atwell stressed that CIGNA is dedicated to customer service, open communication and employee satisfaction as both companies transition through the acquisition. "We will create an environment of success so the experience is a positive one for everyone."
He noted that "CIGNA will build on strong client retention rates and our unmatched global reach, further accelerating CIGNA's global growth strategy."
UBS Investment Bank acted as sole financial advisor for CIGNA on the transaction. Financial details of the acquisition were not disclosed.
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