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Insurer Cigna to sell some businesses to Chubb for nearly $5.8 billion By Reuters

by Mike Robinson

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© Reuters.

(Reuters). – Insurance for health Cigna Corp (NYSE 🙂 Thursday announced that it reached an agreement in principle with Chubb Ltd (NYSE 🙂 Ltd, to dispose of seven life, accident and supplemental benefit businesses located in seven different countries. It will pay $5.75 billion cash.

As part of the deal, Chubb will acquire the businesses in Hong Kong, Indonesia, South Korea, New Zealand, Taiwan and Thailand, in addition to Cigna’s interest in a joint venture in Turkey, the company said https://refini.tv/2Yw61fX in a statement.

Cigna stated that Chubb in South Korea will purchase the company and plan to keep it operating under the LINA Korea branding.

“The addition of Cigna’s business, which is overwhelmingly A&H (accident and health), will rebalance our global portfolio towards this important region,” Chubb Chief Executive Officer Evan Greenberg said.

Cigna does not require financing conditions and expects to make about $5.4 Billion in after-tax revenues.

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