Chubb bulks up with Asia insurance deal

2 minute read

David Cordani, president and CEO of CIGNA Corp., appears on CNBC at the New York Stock Exchange, (NYSE) in New York, U.S., March 8, 2018. REUTERS/Brendan McDermid

Register now for FREE unlimited access to Reuters.com

HONG KONG, Oct 8 (Reuters Breakingviews) - Cigna (CI.N) is selling read more a group of Asia-Pacific units to fellow U.S. insurer Chubb for $5.8 billion. The deal is the latest in years of restructurings and asset sales by Western players in the promising but fragmented region. Picking up others’ castoffs is how FWD Group, currently seeking a $15 billion valuation in a New York float, got its start in 2013. Prudential (PRU.L) last month raised $3 billion in Hong Kong as part of its pivot to Asia.

Chubb already does two fifths of its business outside the U.S. and this deal adds presence in South Korea, Taiwan, Hong Kong, New Zealand, Thailand, and Indonesia, plus control of a Turkish joint venture. South Korea, with $2.1 billion in premiums and a top ranking via the LINA brand, is the star. Boss Evan Greenburg was denied a chance in April to expand his U.S. operations when his offer for $23 billion Hartford Financial (HIG.N) was rebuffed. The new Asian assets should offer some consolation. (By Jennifer Hughes)

On Twitter http://twitter.com/breakingviews

Register now for FREE unlimited access to Reuters.com

Capital Calls - More concise insights on global finance:

NatWest flips bank guilty-plea logic on its head read more

Debt woes crash China Inc. luxury dream read more

Facebook’s pristine whistleblower read more

Hearing aid giant pays up to tune into youngsters read more

Manchester United owners cash in on Ronaldo bounce read more

Register now for FREE unlimited access to Reuters.com
Editing by Robyn Mak and Katrina Hamlin

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.