Aetna has agreed to buy UK international PMI provider InterGlobal from a group led by its majority shareholder Alchemy Partners for an undisclosed fee.
The transaction, which will see Aetna grow its presence in emerging markets, is expected to complete during the first half of 2014.
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.
Its 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 centres 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.
Aetna chairman, CEO and president Mark T. Bertolini says: “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. 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.”
InterGlobal CEO Stephen Hartigan says: “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.”