Aetna International is to acquire InterGlobal from a group led by its majority shareholder, Alchemy Partners, for an undisclosed sum.
InterGlobal has more than 65,000 medical members worldwide and specialises in international private medical insurance (PMI) for organisations and individuals in Africa, Asia, Europe and the Middle East.
The transaction is expected to close during the first half of 2014 and be neutral to Aetna’s financial results in 2014.
Mark T Bertolini (pictured), chairman, chief executive officer and president of Aetna International, said: “The addition of InterGlobal to Aetna’s international business will expand our footprint in fast-growing geographies, increase our membership and enhance our international penetration with individual, small and mid-sized business customers.
“This acquisition will increase our presence in the marketplace for international private medical insurance where growth is being driven by dynamics, such as the continued globalisation of organisations of all sizes, the growing population of high net-worth individuals in emerging economies and reform efforts by governments around the world to increase access to healthcare.”
Richard di Benedetto, president of Aetna International, added: “InterGlobal is well-established in the high-growth private medical insurance regions of the Middle East, Asia and Africa through a distribution model that incorporates local strategic partners and its own licenses.
“These strategic arrangements will allow us to offer our healthcare products locally to customers in about a dozen additional countries in those regions.”