Cigna has agreed to acquire FirstAssist Insurance Services from Barclays Private Equity.
FirstAssist is a leading travel and protection insurance company based in the United Kingdom. The acquisition will add a new product line to Cigna's extensive global portfolio, enabling the company to expand its individual business in the UK and around the world. Pending regulatory approval, the acquisition is expected to close in 2011.
FirstAssist, with nearly 3 million policy holders in the UK, specializes in providing products and services that protect customers and their families against unexpected events through travel, health, employment and legal-related insurance. With travel in major European and Asian markets up an average of eight percent in 2010, Cigna sees an opportunity to expand this business on a worldwide scale.
The deal combines FirstAssist's products, services and distribution partners with Cigna's direct marketing operations, global medical network, successful affinity business model, and broad array of supplemental health, life and accident products.
Private medical insurance news: 7 October 2011