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- Chubb (NYSE:CB) announced on Friday that the company completed the acquisition of certain insurance businesses previously owned by managed care company Cigna (CI) in Asia Pacific for $5.36B, a lower price than the initial agreement indicated.
- The adjustment reflects the impact of “rising interest rates and foreign exchange rates on acquired book value and other minor adjustments,” Chubb (CB) said.
- The acquisition will support Chubb (CB) as the company looks to expand its market presence in the Asia-Pacific, a long-term growth area for the company.
- Following the transaction, the region will add nearly $7B in premium, up from $4B, accounting for nearly 18% of the total company premiums.
- Per the terms of the initial deal, Cigna (CI) agreed to sell personal accident, supplemental health and life insurance business in six Asia-Pacific markets to Chubb (CB) for $5.75B in cash.
