Cigna heading for business expansion in MENA based on favourable economic outlook
Dubai - UAE: 12 October 2015 - Cigna, a global health service company, today announced the appointment of Howard Gough as CEO of the MENA region as part of the company's expansion plans.
Howard, who comes to the MENA region after successfully managing the Middle East and Asia Pacific region for Cigna Global Health Benefits® based out of Shanghai, is currently also the global CEO for Cigna's Global Individual Private Medical Insurance (IPMI business, targeting high net-worth globally mobile individuals).
In his new role, based out of Dubai, Howard will be responsible for expanding Cigna's global healthcare business and Cigna's individual business to the Middle East and North Africa. He will also continue to build the profile of the company in the GCC, where Cigna has an alliance with Saudi Arabian Insurance Company (DAMANA), covering countries like the UAE, Oman, Kuwait, Bahrain, Qatar, Lebanon and Saudi Arabia through DAMANA's sister company Saudi Arabian Cooperative Insurance Company. Cigna and DAMANA deliver Group Healthcare solutions to companies with globally mobile expats with a goal to improve their health, well-being and sense of security.
Howard said, "I am thrilled and excited about the opportunity to take the Cigna business into new geographies. MENA, and particularly the GCC markets, with an estimated 15 million expatriate residents, offer incredible opportunities for business growth in the healthcare sector for a company like ours that specialises in expatriate healthcare. We estimate that by 2018, the private insurance market in the GCC will be worth $16.1 billion."
Nagib M. Bahous, Executive Director, DAMANA said: "I welcome Howard's appointment as CEO and I look forward to continuing to work with him to further our impressive growth in Health Insurance within the Middle East. Howard's previous experience with achieving scale in other emerging markets will be invaluable in our future development. He has already created a clear strategy and his team-based leadership approach will enable us to take Cigna DAMANA to its next milestones."
Medical insurance is expected to be the fastest growing line of the insurance business, fuelled by compulsory insurance requirements that are reshaping some of the region's non-life markets, in particular in Saudi Arabia.
Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has more than 89 million customer relationships throughout the world.
To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com
In the GCC, Cigna has allied with the Saudi Arabian Insurance Company BSC (c) (DAMANA) to form a regional administration company. It provides local servicing of healthcare insurance that is insured by DAMANA and reinsured and internationally managed by Cigna. Together, Cigna and DAMANA deliver superior and locally compliant benefit plans for employees and their families who live and work in the GCC countries.
DAMANA recently received an A- (Excellent) in financial strength rating from AM Best. It is a multiline insurance company registered in Bahrain and provides health insurance for locals, expatriates, and their family members living in Bahrain, the United Arab Emirates, Kuwait, Oman and Qatar. In Lebanon, Saudi Arabian Insurance Company SAL, DAMANA's sister company, provides health care insurance coverage for locals, expatriates, and their family members living in Lebanon. www.damana.com.
DAMANA also has a sister company in KSA, the Saudi Arabian Cooperative Insurance Company. It is a licensed multiline cooperative insurance company operating in Saudi Arabia with branches in Riyadh, Jeddah, Al Khobar and Qassim.
To learn more about DAMANA, visit www.damana.com
 Emirates Centre for Strategic Studies and Research
 Cigna commissioned market study
 The GCC Insurance Baromoter, No.1/May 2012
© Press Release 2015