US CIGNA buys medical insurance company Vanbreda

US health service company CIGNA (NYSE:CI) said Tuesday it had taken over Belgian Vanbreda International, a provider of medical insurance and employee benefits to organisations and corporate clients, for an undisclosed price.

After the deal, Vanbreda International and CIGNA, will jointly cater for above 700,000 expatriate clients globally.

The transaction is part of CIGNA's strategy to widen its existing business and expand globally by diversifying its earnings basis.

Vanbreda will retain its brand and its management under CEO Rudi Bertels and COO Wouter Reggers.

UBS Investment Bank financially consulted CIGNA in the deal.

Country: Belgium;

Sector: Insurance; Healthcare

Target: Vanbreda International NV

Buyer: CIGNA Corporation

Type: Corporate acquisition

Status: Closed

Buyer advisor: UBS Investment Bank

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