As travel has increased by 8 percent, Cigna has seized the opportunity to provide its customers with additional protection against unexpected emergencies while they travel, such as urgent medical situations by acquiring FirstAssist.
This acquisition will give a boost to the global footprint made by Cigna International and will grow its affinity partner relationships as it increases the strong distribution expertise and product offered by FirstAssist.
FirstAssist Insurance Services was purchased by the Cigna global health services company from Barclays Private Equity. FirstAssist had appeal to Cigna as it is a top UK travel and protection insurer. With the purchase, Cigna’s sizeable global portfolio will have increased by another important product, permitting it to broaden its individual UK business and expand in other countries around the world.
Assuming that regulatory approval is received, the closing of the acquisition will occur before the end of 2011.
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FirstAssist has almost 3 million UK policyholders, and is an expert in offering products and services that will cover their customers in the case of emergencies and other unanticipated occurrences requiring health, travel, and employment insurance, as well as certain legal-related coverages.
With the growth in Asian and European travel this year, Cigna feels that it has taken advantage of an important chance to widen its business around the globe.
This new deal brings the distribution partners, products, and services at FirstAssist together with the global medical network, world-class direct marketing operations, and successful affinity business model at Cigna, in addition to its existing offerings of life, supplemental health, and accident coverage products.