TURKEY: BUPA to enter the local health insurance market through ACIBADEM Sigorta acquisition

BUPA, the international healthcare company, announced that it has agreed to acquire Turkey's second largest health insurer, ACIBADEM Sigorta, subject to regulatory approvals.

ACIBADEM Sigorta is a specialist provider of health insurance with both corporate and individual customers. Headquartered in Istanbul, it has over 500 employees and covers 600,000 lives. In 2017 ACIBADEM Sigorta generated GWP of TRY 913 million (about EUR 200 million).

ACIBADEM Sigorta is currently wholly-owned by AVICENNIA Capital, a Malaysia-based financial holding company.

"BUPA will benefit from ACIBADEM Sigorta's local market knowledge, and their customers and employees will benefit from the strength of Bupa's expertise and experience," the international healthcare company announced in a statement.

"We're delighted to announce BUPA's agreement to acquire ACIBADEM Sigorta. Its impressive growth, first-class management team and customer focus make it an excellent choice for market entry. We have been watching the Turkish market for several years and we believe it offers excellent prospects for growth. We see this acquisition as a long-term strategic investment for us. Bupa and ACIBADEM Sigorta have a shared commitment to putting customers first, and we look forward to welcoming the team into the Bupa family", said Simeon PRESTON, CEO of BUPA International Markets.

"We're very much looking forward to becoming part of the BUPA family. Together we have a shared commitment to helping our customers live longer, healthier, happier lives. BUPA has a strong record of developing and growing the businesses it acquires and has the resources and expertise to help us build on the successes of the past 26 years. Together, we can support the continued development of the Turkish health insurance market", said Gokhan GURCAN, CEO of ACIBADEM Sigorta.

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