Managed care company Cigna Corp., with major claim operations in Bloomfield, is expanding outside the United States with the acquisition of Belgium’s Vanbreda International, which provides worldwide medical insurance and employee benefits to customers including humanitarian operations and corporate clients, The Associated Press reports.
Cigna officials said in a statement Tuesday that privately held Vanbreda’s strong European presence complements its expatriate business, which covers people living outside their home countries. It said the two companies care for a combined total of more than 700,000 expatriate customers worldwide.
Terms of the deal were not disclosed.
Cigna, which is based in Philadelphia, is the fourth-largest publicly traded U.S. health insurer based on medical enrollment. But it has a broader product portfolio than its competitors. It operates health care, group disability and life segments in the U.S.
The insurer also sells individual insurance in several countries and operates the expatriate business. The company’s earnings from its international business jumped 28 percent to $136 million in the first half of this year.
Cigna said the Vanbreda acquisition fits its strategy of seeking worldwide opportunities to diversify earnings.
