UK-based health insurance company Bupa has agreed to acquire Turkish firm Acıbadem Sigorta from Avicennia Capital for an undisclosed amount.
Headquartered in Istanbul, Acıbadem Sigorta is a health insurance provider for both corporate and individual customers.
The company employs more than 500 people and provides health cover to 600,000 people. Last year, the company has generated gross written premium of TRY913m ($150.26m).
Avicennia Capital, a Malaysia-based financial holding company, currently owns Acıbadem Sigorta, which increased its GWP market share from 12% to 18% from 2013 to 2017.
Bupa will benefit from local market know-how of Acıbadem Sigorta. Customers and employees of the Turkish firm will benefit from the strength of Bupa’s expertise and experience.
Bupa International Markets CEO Simeon Preston said Acıbadem Sigorta’s growth, first-class management team and customer focus make it a better choice for market entry.
“We have been watching the Turkish market for several years and we believe it offers excellent prospects for growth.
“We see this acquisition as a long-term strategic investment for us. Bupa and Acıbadem Sigorta have a shared commitment to putting customers first, and we look forward to welcoming the team into the Bupa family.”
Acıbadem Sigorta CEO Gökhan Gürcan said: “Together we have a shared commitment to helping our customers live longer, healthier, happier lives. Bupa has a strong record of developing and growing the businesses it acquires and has the resources and expertise to help us build on the successes of the past 26 years.
“Together we can support the continued development of the Turkish health insurance market.”
Earlier this month, Bupa completed its agreement to increase its stake in Bupa Arabia by 5% to 39.25% by purchasing a portion of Nazer Group’s stake in the company.
Bupa Arabia is an associate business, set up as a joint venture between Bupa and Nazer Group.
Bupa Arabia serves 3.3m customers in Kingdom of Saudi Arabia. The company said it has grown customers as well as revenue and profit in the last 10 years.