Cigna Global Health Benefits has signed a joint-venture (JV) agreement with Saudi Arabian Insurance Company (SAICO) to further expand its partnership and product offerings across the Middle Eastern region.
Subject to regulatory approvals and other conditions, the JV agreement is expected to improve the companies' existing 11-year partnership in development of health portfolio and wellness and insurance products for customers in the region.
Cigna Global Health Benefits president Andrew Kielty said the new agreement represents the company's commitment to investment in the region.
SAICO president and CEO Nagib Bahous said, ''In this partnership with Cigna, SAICO will be able to improve on cost containment through clinical and claims management.''
Both SAICO and Cigna will own half of the JV partnership, and are expected to announce the official name, headquarters, and other pertinent details once the formalities are completed.
SAICO is a closed joint stock company incorporated in Bahrain to transact all classes of insurance through network of its offices within the Gulf Cooperation Council (GCC).