Chubb bulks up with Asia insurance deal

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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

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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)

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Editing by Robyn Mak and Katrina Hamlin

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