08 Oct 2021
Today Cigna Corporation have announced that they have agreed to sell a number of business in its International Markets portfolio to Chubb.
This includes our business in New Zealand as well as businesses in Hong Kong (excluding our health insurance business), Indonesia, Korea, Taiwan, Thailand and Turkey.
This decision was guided by Cigna’s strategy to be the leading health and health services company and to continue accelerating our growth.
There are no changes to your insurance policy, benefits, or premiums, nor do you need to take any action due to this announcement. It is business as usual, and Cigna New Zealand will continue to service all its policyholders and handle claims as we have always done.
Chubb is well positioned to continue serving your needs and offer you new and innovative products in the future. As we move forward with this transaction, there are many steps yet for us to take, including securing approval from regulatory agencies here in New Zealand and elsewhere. As we draw closer to the completion of the transaction, we will continue to keep you informed of our progress.
Thank you for being a valued customer of Cigna.
Frequently asked questions
What is happening?
Cigna Corporation has entered into an agreement to sell its life insurance business in New Zealand to Chubb.
When will this happen?
The acquisition is subject to final regulatory approval. It is expected the transaction will be completed in 2022.
What does this mean for me as a Cigna customer?
There’s no action you need to take and no change to your insurance with Cigna or any of our partners.
You’ll continue to receive exactly the same cover you currently hold under the terms of their policies.
Once the deal is completed the only change will be that the insurer for your policy will now be Chubb.
Who is Chubb?
Chubb is a highly respected, highly engaged industry leader serving customers and clients around the world and are well positioned to meet your needs now and into the future.
They employ 31,000 people in 54 countries and territories around the world, including New Zealand.
Globally, Chubb has more than $197 billion in assets and reported $41 billion of gross premiums written in 2020.
Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
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