Insurer Cigna to promote some companies to Chubb for practically $5.8 billion By Reuters

Insurer Cigna to promote some companies to Chubb for practically $5.8 billion By Reuters

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(Reuters) – Well being insurer Cigna Corp (NYSE:) stated on Thursday it entered into an settlement with insurance coverage agency Chubb (NYSE:) 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 stated https://refini.television/2Yw61fX in a press release.

In South Korea, Chubb will purchase and plans to proceed to function the enterprise below the LINA Korea model, Cigna stated.

“The addition of Cigna’s enterprise, which is overwhelmingly A&H (accident and well being), will rebalance our world portfolio in the direction of this necessary area,” Chubb Chief Government Officer Evan Greenberg stated.

The deal isn’t topic to a financing situation and Cigna expects to appreciate about $5.4 billion of web after-tax proceeds.

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