Aetna (AET) has concluded the takeover of UK-based InterGlobal, a provider of private medical insurance, from a group headed by its majority shareholder Alchemy Partners, for an undisclosed sum.
The takeover agreement was signed by both the parties in November 2013 and is believed to have been financed by Aetna from available resources.
With a global medical team comprising more than 65,000 members, InterGlobal specializes in international private medical insurance for groups and individuals in the Middle East, Asia, Africa and Europe.
Aetna chairman, CEO and president Mark Bertolini said that addition of InterGlobal to their international business will expand its footprint in fast-growing geographies, increase membership and enhance international penetration with individual, small and mid-sized business customers.
Bertolini added that the takeover will strengthen presence in the international private medical insurance market, where growth is driven by dynamics, including continued globalization of companies of all sizes, and increasing population of high net worth individuals, among others.
Aetna International president Richard di Benedetto commented, "These strategic arrangements will allow us to offer our health care solutions locally to customers in about a dozen additional countries in those regions."
InterGlobal’s customer base includes individuals and families; employers; diplomatic staff; international schools and affinity groups, and the company has a work force of nearly 300 employees, mainly based in its operation centers in the UK, Dubai and Singapore.
In August 2012, the US insurer Aetna signed an agreement to buy its arch rival Coventry Health Care for $5.7bn in cash and stock, paving a way to emerge as a major player of government-financed health care segment.
Serving nearly 44 million customers, Aetna delivers an array of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities.
Image: Aetna headquarters in Hartford. Photo: courtesy of grendel|khan..