US health insurance giant Cigna Corp. has announced plans to buy UK-based travel insurance provider, FirstAssist Insurance Services.
The firm is currently owned by Barclays Private Equity and is being targeted by Cigna in a move to expand its business offerings outside the US.
FirstAssist employs some 480 people and has three million customers in the UK. Cigna claims that a takeover of the UK firm will help it to move into the UK market, as well as helping it to expand elsewhere. As well as travel insurance, FirstAssist also offers health and employment cover, as well as legal insurance.
Cigna offers insurance to people living as expats outside their native countries, alongside its regular US health insurance and products offered through several international divisions.
Cigna’s International divisions president, William Atwell, said, “This acquisition closely aligns with our growth strategy and mission to help the customers we serve improve their health, well-being and sense of security.
“We have made great strides in the travel insurance sector and will benefit further from Cigna’s long-term commitment to growth,’ he added. The £71 million deal is expected to be completed by the end of the year.
