Aetna, Cigna and Bupa eyeing Turkey market – AET, CI, CS & MET

Boston, MA 03/04/2013 (wallstreetpr) – Aetna Inc (NYSE:AET), Cigna Corp (NYSE:CI) and Bupa Insurance Ltd are planning to bid for 50% stake in Abraaj Capital Ltd’s Acibadem Saglik & Hayat Sigorta AS mentioned by three people who are familiar with this sale.

Abraaj is considered as Middle earth’s biggest Buyout firm, they hired the Raiffeisen Bank International AG (VIE:RBI) to manage the deal as mentioned by the people who declined to reveal their identity because of confidentiality of the matter.

Current market value of Acibadem is around $300million. The company has increased domestic health insurance premiums by 36% during previous year as per data from Insurance Association of Turkey.

Walnut Holding holds the shares on behalf of Abraaj while the remaining 50% is owned by a Turkish businessman.

Non life insurance market in turkey has grown at a rapid pace by 18% during 2012 and has been the centre of attraction for various international investors like AXA SA (EPA:CS), Zurich Insurance Group Ltd (VTX:ZURN), Cigna and MetLife Inc (NYSE:MET). Acibadem’s share of non life insurance business was around 1.4% in 2012 compared to 1.2% in 2011.

Aetna Inc (NYSE:AET) is up by 0.66% closing at $47.50

Cigna Corp (NYSE:CI) is down by 0.34% closing at $58.26

AXA SA (EPA:CS) is down by 0.49% closing at EUR13.07

MetLife Inc (NYSE:MET) is down by 0.34% closing at $35.32

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Published by Alan Masterson

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