Cigna is selling in Hong Kong as part of its pivot to Asia.
a group of Asia-Pacific units to fellow U.S. insurer Chubb for $5.8 billion. The deal is the latest in years of restructurings and asset sales by Western players in the promising but fragmented region. Picking up others’ castoffs is how FWD Group, currently seeking a $15 billion valuation in a New York float, got its start in 2013. PrudentialChubb already does two fifths of its business outside the U.S.
and this deal adds presence in South Korea, Taiwan, Hong Kong, New Zealand, Thailand, and Indonesia, plus control of a Turkish joint venture. South Korea, with $2.1 billion in premiums and a top ranking via the LINA brand, is the star. Boss Evan Greenburg was denied a chance in April to expand his U.S.
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