Insurer Cigna to sell some businesses to Chubb for nearly $5.8 bln
A display screen shows the emblem fro Cigna Corp. on the ground on the New York Inventory Trade (NYSE) in New York, U.S., July 16, 2019. REUTERS/Brendan McDermid
Oct 7 (Reuters) – Well being insurer Cigna Corp stated on Thursday it entered into an settlement with insurance coverage agency Chubb Ltd to promote its life, accident, and supplemental advantages companies in seven international locations for $5.75 billion in money.
As a part of the deal, Chubb will purchase the companies in Hong Kong, Indonesia, South Korea, New Zealand, Taiwan and Thailand, along with Cigna’s curiosity in a three way partnership in Turkey, the corporate in an announcement.
In South Korea, Chubb will purchase and plans to proceed to function the enterprise underneath the LINA Korea model, Cigna stated.
“The addition of Cigna’s enterprise, which is overwhelmingly A&H (accident and well being), will rebalance our international portfolio in the direction of this vital area,” Chubb Chief Govt Officer Evan Greenberg stated.
The deal just isn’t topic to a financing situation and Cigna expects to appreciate about $5.4 billion of internet after-tax proceeds.
Reporting by Bhargav Acharya in Bengaluru; enhancing by Uttaresh.V
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