Insurer Cigna to sell some businesses to Chubb for nearly $5.8 billion By Reuters – Investing.com

Insurer Cigna to sell some businesses to Chubb for nearly $5.8 billion By Reuters – Investing.com

SINGAPORE (Reuters) -U.S. insurer Chubb (NYSE:) Ltd has agreed to buy health insurer Cigna Corp (NYSE:)'s life, accident, and supplemental benefits businesses in Asia Pacific and Turkey for $5.75 billion in cash, both insurers said, marking the latest consolidation in Asia's insurance sector.

In a statement issued late on Thursday, Chubb said it will acquire Cigna's A&H (accident and health) and life business in South Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, in addition to Cigna's 51% stake in a joint venture in Turkey.

"The addition of Cigna's business, which is overwhelmingly A&H (accident and health), will rebalance our global portfolio towards this important region," Chubb CEO Evan Greenberg said.