CIGNA INTERNATIONAL TO ACQUIRE AN INTEREST IN THAI CHAROEN INSURANCE
Bangkok--25 Aug--Aziam Burson-Marsteller
CIGNA International announced today it will acquire an interest in Thai Charoen Insurance Public Company Limited (TCI), a member of the Thai Charoen Commercial Group, which provides non-life insurance products to the Thailand market.
"This acquisition will provide CIGNA International with the capabilities to build a unique product portfolio tailored to the needs of the Thai marketplace, including supplemental health and financial protection programs," said Paul E. Hartley, President of CIGNA International. "We will immediately begin developing new and unique distribution channels based on CIGNA's experience and best practice models in our Asian and global markets."
CIGNA International has been represented in Thailand since March 2003 through CIGNA International Marketing Thailand Co., Ltd, established to research the Thai insurance market. This acquisition will enable CIGNA International to
expand its presence in Thailand and leverage its expertise across the Asian region. Under CIGNA management, the company will begin selling a broad range of accident, health and disability products through alternative distribution channels.
CIGNA International and TCI expect the transaction to be finalized in September. The financial terms of the acquisition are not being disclosed.
About CIGNA International
CIGNA International is the global business division of CIGNA Corporation (NYSE: CI). CIGNA International delivers access to quality health care and related financial protection programs available to businesses, affinity groups and individuals around the globe. CIGNA International does business in 29 countries and jurisdictions and serves expatriates in more than 170 countries and jurisdictions.
About TCC
TCC is one of Thailand's best-known corporations. Established by Khun Charoen and Khunying Wanna Sirivadhanabhakdi in 1960, it has developed into one of the Kingdom's leading conglomerates. Its business base has been built on a solid foundation of trust that is based on the highest possible standards, both at local and international levels.
TCC Group has evolved from its humble beginnings into a world-class corporation. It currently operates in four principal business areas, namely beverage, property, industrial trading and consumer products, as well as the insurance and leasing business. TCI's existing insurance portfolio includes fire, auto, marine, accident and miscellaneous non-life products.
For more information please contact
Satida Sritunyatorn
Media Relations Manager
Aziam Burson-Marsteller
Tel: 0 2252 9871 x122
Fax: 0 2254 8353
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