jack-chang-1
5 July 2022Insurance

Chubb wraps up $5.4bn acquisition of Cigna Asia Pacific business

Property/casualty insurer  Chubb has “significantly” expanded its presence in the Asia Pacific region following the completion of its strategic acquisition of Cigna’s accident and health (A&H) and life business in six markets for $5.36 billion.

The deal, which includes businesses in Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, increases the size of  Chubb’s global A&H writings to approximately $6 billion in premium, up from $3.7 billion, while the company's life insurance segment becomes a $5.4 billion business.

Overall, the Asia Pacific share of  Chubb’s global portfolio grows to approximately $7 billion in premium from $4 billion, representing about 18% of the total company premiums, with approximately 95% of the acquired business contributing to  Chubb’s Life Insurance segment and the remainder to its Overseas General Insurance segment.

Jack Chang (pictured) has been appointed to lead the company's combined life insurance operations in Taiwan, Gail Costa in New Zealand, and Jee Eun (Geannie) Cho to lead LINA in Korea.

Upon completion of the integration, the combined businesses will operate under the  Chubb brand in all markets except Korea.

Evan Greenberg, chairman and CEO of  Chubb, said: "Cigna's business, which is approximately 80% A&H, adds significantly to our business in Asia. The Asia-Pacific region offers great potential for long-term growth and wealth creation. The Cigna businesses have favourable underwriting margins, produce high-quality earnings, and are not exposed to the P&C cycle.

" Chubb is so well positioned to capitalise on market and product opportunities, including the cross-selling of  Chubb’s non-life products to life customers, with a strong brand, technology, and complementary direct marketing skills and partnerships.

"At the same time, I am also pleased to welcome nearly 3,000 new colleagues to  Chubb. Together, the leadership and talented professionals of  Chubb and Cigna will enable us to provide greater value to our customers, distribution partners, and shareholders."

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
12 July 2022   Sovereign provides political risk and credit insurance and reinsurance.
Insurance
8 July 2022   The insurer seeks to innovate and create new solutions for the London wholesale market.
Insurance
23 June 2022   Chubb opts for ‘very well-known and popular figure’ for broker-intense position.