UPDATE 1-Cigna buys Belgian medical insurance provider

* Buys privately held Vanbreda International

* Terms of deal not disclosed

* Buys Vanbreda to expand expatriate benefits business

Aug 31 (Reuters) - Health insurer Cigna Corp (CI.N) said it acquired a privately held Belgian medical insurance and employee benefits provider to expand its expatriate benefits business in Europe.

Philadelphia-based Cigna did not disclose terms of the deal.

Antwerp, Belgium-based Vanbreda International will continue to operate as an independent business under the Vanbreda brand and Chief Executive Rudi Bertels and Chief Operating Officer Wouter Reggers will remain in their positions, Cigna said.

UBS Investment Bank acted as the sole financial advisor for Cigna on the deal.

"The acquisition demonstrates Cigna's growth strategy to go deep into existing segments, to go global," Cigna's President William Atwell said in a statement.

With more than 400 employees, Vanbreda operates in Europe, the Middle East, Africa, Asia, Latin America and the United States. Vanbreda serves plan members in 192 countries.

Cigna shares, which have gained 4 percent over the past one month, were down about 1 percent at $31.66 Tuesday morning on the New York Stock Exchange. (Reporting by Shravya Jain in Bangalore; Editing by Aradhana Aravindan) ((shravya.jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: shravya.jain.reuters.com@reuters.net))