CIGNA to Acquire Interest in Thai Charoen Insurance

CIGNA International announced from Bangkok that it will acquire an interest in Thai Charoen Insurance Public Company Limited (TCI), a member of the Thai Charoen Commercial Group, which provides non-life insurance products to the Thailand market.

The companies expect the transaction to be finalized in September. The financial terms of the acquisition were not disclosed.

“This acquisition will provide CIGNA International with the capabilities to build a unique product portfolio tailored to the needs of the Thai marketplace, including supplemental health and financial protection programs,” indicated Paul E. Hartley, CIGNA International’s president. “We will immediately begin developing new and unique distribution channels based on CIGNA’s experience and best practice models in our Asian and global markets.”

The bulletin notes: “CIGNA International has been represented in Thailand since March 2003 through CIGNA International Marketing Thailand Co., Ltd., established to research the Thai insurance market. This acquisition will enable CIGNA International to expand its presence in Thailand and leverage its expertise across the Asian region.

“Under CIGNA management, the company will begin selling a broad range of accident, health and disability products through alternative distribution channels.”