Extending services to include UAE
UAE - December 12, 2012 - Saudi Arabian Insurance Company B.S.C (C )(SAICO) and the Global Health Benefits business of Cigna (NYSE:CI) signed a joint venture agreement to further enhance their current partnership in developing their portfolio of health, wellness and insurance products targeted to regional and multi-national employers and organizations across the Middle East expanding the 11-year business relationship between these two companies to include UAE, KSA, Qatar, Bahrain, Lebanon, Oman, and Kuwait.
Saudi Arabian Insurance Company B.S.C ( C ) (SAICO) is a closed joint stock company incorporated in Bahrain to transact all classes of insurance. SAICO has a network of established offices operating within the GCC. Its sister Company in Lebanon is Saudi Arabian Insurance Company S.A.L. SAICO's international connections for complex and specialized risk placement are impeccable. SAICO deals in Medical as well as all other lines of insurance, and has an excellent reputation in the region. SAICO has a long successful history in the region as its predecessors have been in existence in the Middle East for nearly half a century.
"The Middle East is an important part of Cigna's global growth strategy, and the new joint venture demonstrates our deepening commitment to investing in the region. We want to deepen our commitment to serving the local population as well as the globally mobile workforce on assignment in the region," said Andrew Kielty, President of Cigna Global Health Benefits. "SAICO is a well-regarded general insurance company in the region and in partnership together, we have developed a solid reputation in the marketplace through our collective strength and focus, market knowledge, vast network and combined service proposition."
As a global health service company based in Connecticut, USA, Cigna serves people worldwide through medical, dental, behavioral health, pharmacy, vision, life, and accident and disability benefits and insurance.
"The Middle East is the main market for SAICO's operation where the medical business is one of the fastest growing classes. SAICO is committed to servicing clients in the health insurance business as it does in other classes of insurance. The joint venture combines the strengths of our two organizations and aligns the current partnership around a common goal of meeting the needs of customers and clients located in the ME for enhanced customer service and efficiency. In this partnership with CIGNA, SAICO will be able to improve on cost containment through clinical and claims management," said Nagib Bahous, President & CEO of SAICO.
Cigna and SAICO each will own half of the joint venture partnership. The JV partnership is committed to continuing to invest and growing further its product offerings and service capabilities in the Middle East and gaining market share in this geography.
The joint venture is subject to regulatory approvals. Once the formalities are finalized, the joint venture will announce its official name, headquarters, and other pertinent details.
Sahira LadhaSenior Account Executive, Corporate Practice
Memac Ogilvy Public Relations, Dubai
D. +971 (0) 4 305 0322
E. sahira.ladha@ogilvy.com
© Press Release 2012
