Acquisition broadens Aetna Global Benefits’ expatriate offerings; expands global capabilities and international presence
HARTFORD, Conn., September 4, 2007 — Aetna (NYSE: ΑET) today announced that it has entered into an agreement to acquire Goodhealth Worldwide, a leading managing general underwriter (or underwriting agent) for international private medical insurance that offers expatriate benefits to individuals, small and medium enterprises, and large multinational clients around the world.
Terms of the acquisition were not disclosed. Aetna expects to finance the transaction from available cash. The transaction is subject to customary closing conditions, including applicable regulatory approval. Aetna expects to close the transaction within 30 days.
Headquartered in Bermuda and owned by international insurance business Primary Group, Goodhealth Worldwide is one of the leading and most experienced providers of international private medical insurance (IPMI) for expatriates and high-net-worth individuals, with a strong focus on emerging markets such as Asia and Africa. Goodhealth Worldwide provides:
an international distribution network in key expat locations;
multi-sited administration and claims centers;
expertise in the diverse medical infrastructure available around the world;
established systems for handling international health plan design and multi-currency claims and premium billing.
As well as the above, Goodhealth Worldwide prides itself on its high-quality customer service model, to its more than 55,000 expatriate members. It maintains offices in Bermuda, Miami, London, Dubai, Jakarta, Hong Kong, and Shanghai and has approximately 170 employees.
Goodhealth Worldwide will be a unit of Aetna Global Benefits, the company’s international business for expatriates.
"We believe this acquisition broadens Aetna Global Benefits’ expatriate offerings and significantly enhances its global capabilities and reach," said Ronald A. Williams, Aetna chairman and CEO. "This transaction fits well with Aetna’s stated strategy of making acquisitions designed to enhance the company’s capabilities and expand into new markets."
"The transaction aligns with Aetna Global Benefits’ overall strategy to grow the non-U.S. expatriate market, meeting the needs of multinational plan sponsors, insurers, local governments and individuals around the world," said Martha R. Temple, president of Aetna Global Benefits (AGB). "Goodhealth’s products are complementary to AGB’s offerings, allowing us to serve new markets and also to expand our offerings to current Aetna Global Benefits customers, which include U.S.-based multinational corporations with global operations."
Temple added, "Goodhealth has gained considerable brand recognition among the individual and small employer segments worldwide as well as making headway with some prestigious larger global accounts. Aetna Global Benefits intends to leverage this brand presence to strengthen Goodhealth’s offerings to large corporations in existing and new markets."
"We see AGB’s acquisition of Goodhealth as a defining moment for us," said Martin Garcia, group managing director of Goodhealth Worldwide. "Our respective business models, product structure, market presence, high-quality service delivery and corporate cultures complement each other very well. We look forward to being part of the Aetna Global Benefits family as it seeks to expand internationally."
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 34.9 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans in both the U.S. and internationally. Aetna’s international businesses include Aetna Global Benefits®, Aetna’s expatriate benefits division that focuses on providing comprehensive benefit solutions to employees working, travelling and living in over 100 countries. www.aetna.com
About Goodhealth Worldwide
Goodhealth Worldwide (www.goodhealthworldwide.com
) is a leading international health care insurance provider with offices in the key expatriate centers of Bermuda, Miami, London, Dubai, Jakarta, Hong Kong and Shanghai.
The company offers a wide variety of international health insurance policies — including market-leading products - to over 55,000 expatriates and local nationals in over 100 global locations. In 2006 the company was awarded best in class for International Medical Insurance by the International Investment and Cover Excellence Awards.