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-- Provides International Private Medical Insurance --
HARTFORD, Conn.--(BUSINESS WIRE)--Aetna (NYSE:AET) today announced that it has agreed to acquire United Kingdom-based InterGlobal from a group led by its majority shareholder Alchemy Partners. InterGlobal has more than 65,000 medical members worldwide, and specializes in international private medical insurance for groups and individuals in the Middle East, Asia, Africa and Europe.
The terms of the transaction, which are not material to Aetna, were not disclosed. Aetna expects to finance the acquisition from available resources. The transaction is expected to close during the first half of 2014 and be neutral to Aetna's financial results in 2014.
“The addition of InterGlobal to Aetna’s international business will expand our footprint in fast-growing geographies, increase our membership and enhance our international penetration with individual, small and mid-sized business customers,” said Mark T. Bertolini, Aetna chairman, CEO and president. “This acquisition will increase our presence in the marketplace for international private medical insurance where growth is being driven by dynamics such as the continued globalization of companies of all sizes, the growing population of high net worth individuals in emerging economies and reform efforts by governments around the world to increase access to health care.”
Richard di Benedetto, president of Aetna International, added, “InterGlobal is well-established in the high-growth private medical insurance regions of the Middle East, Asia and Africa through a distribution model that incorporates local strategic partners and its own licenses. These strategic arrangements will allow us to offer our health care solutions locally to customers in about a dozen additional countries in those regions. InterGlobal also shares our commitment to customer focus and service excellence.”
Stephen Hartigan, CEO of InterGlobal, said, “Aetna’s position in the United States as a leading diversified health care benefits company is impressive. Their commitment to international development in the health insurance sector is shared by InterGlobal. We are looking forward to becoming part of the Aetna family.”
InterGlobal’s customer base includes individuals and families; employers; diplomatic staff; international schools and affinity groups. The company has approximately 300 employees primarily based in its operation centers in the U.K., Dubai and Singapore. InterGlobal also has a network of more than 3,000 providers, composed largely of outpatient and ancillary providers. InterGlobal has been honored by U.K.’s Cover magazine with the award for “International Private Medical Insurance Provider of the Year” for the past five years.
About Aetna International
Aetna International is committed to helping create a stronger, healthier global community by delivering comprehensive health benefits and health management solutions worldwide. Aetna International's expatriate business is one of the industry's largest and most prominent international health benefits providers, supporting more than 500,000 members worldwide. The organization’s expatriate offerings include medical, dental, vision, life, disability and emergency assistance. Aetna International’s health management business collaborates with health care systems, government entities and plan sponsors around the world to design and build locally applied health management solutions to improve health, quality and cost outcomes. For more information, see www.aetnainternational.com.
Aetna is one of the nation's leading diversified health care benefits companies, serving an estimated 44 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com.
CAUTIONARY STATEMENT – Certain information in this press release is forward-looking, including how the transaction will be financed; the expected closing date; the expected impact of the transaction on Aetna’s 2014 financial results; changes in Aetna’s geographic footprint, membership, and penetration in various groups of customers due to the transaction; growth in the marketplace for international private medical insurance and the drivers of that growth; and the number of additional countries that Aetna will be able to serve as a result of the transaction. Forward-looking information is based on management's estimates, assumptions and projections, and is subject to significant uncertainties and other factors, many of which are beyond Aetna's and InterGlobal’s control. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management. Those risk factors include, but are not limited to: the ability to obtain necessary governmental approvals, the ability to successfully integrate the operations and businesses of Aetna and InterGlobal in a timely and cost-efficient manner; the ability to retain current InterGlobal members and attract additional members; and the rates of growth in global economic output, the population of high net-worth individuals in emerging economies and continued globalization; and adverse governmental action.