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US-based global health insurer Cigna Corporation has acquired Zurich Insurance's Middle East business to further complement its health and wellness capabilities across the region.
Cigna has named Arthur Cozad, former CEO of Cigna Taiwan, as CEO for Middle East markets. The newly acquired entity will be called 'Zurich Insurance Middle East, a Cigna-owned company'.
The company stated that the acquisition marks the beginning of a new phase of operations for Cigna as the premier provider of both health and wellness services to individuals, employers and government entities across the Middle East.
With this acquisition, Cigna will operate in the UAE, Lebanon, Kuwait and Oman.
In the Middle East region Cigna delivers group health products and services for small businesses and family-owned enterprises through to multinational companies. Through its new entity, Cigna plans to provide more personalized products to individuals, employers, and government entities; 24/7 customer support; multilingual call centres located across nine global locations; specialized clinical services, and access to one million medical and healthcare professionals and facilities worldwide.
Jason Sadler, president of Cigna International Markets, said: "Cigna has enjoyed a strong presence in the Middle East for more than 15 years through our local partners. Today, we mark a significant new phase of our journey and commitment to the region.
"Cigna aims to improve the health, well-being and sense of security of our regional customers by providing full access to our global expertise and wide range of specialized healthcare benefits, products and wellness programs."
Howard Gough, CEO of Cigna for the MENA region, global international private medical insurance (GIPMI), and global government segment, added: "We are witnessing a dynamic change within the GCC region’s healthcare sector, defined by regulatory reform and national agendas that prioritize the importance of quality healthcare. Cigna’s healthcare benefit products and its preventive wellness solutions meet a vital need for companies, and local and globally mobile individuals."
Earlier this year, Cigna opened offices at the Dubai International Financial Centre (DIFC) to serve as its regional headquarters, providing management support and specialist services to its regulated entities across the GCC.
Cigna Corporation, M&A, Zurich Insurance Middle East, Acquisition, US, GCC, Dubai, Health, Insurance