Bupa has bought insurer Acıbadem Sigorta for an undisclosed sum, marking its entry into the Turkish health insurance market.
Subject to regulatory approval, the transaction sees Bupa snap up Turkey’s second largest health insurer as a ‘long-term’ strategic investment in a market it has been eyeing for several years.
Acıbadem Sigorta is owned by Malaysia-based financial holding company Avicennia Capital and is headquartered in Istanbul.
The company is the largest health insurer in the Turkish corporate PMI sector – with a 27% share of GWP – and is the third main player in the individual PMI market with a 9% share.
It provides health cover to 60,000 corporate and individual customers and last year generated gross written premiums of TRY913m (£116m).
Chief executive of Bupa International Markets Simeon Preston said: ‘[Acıbadem Sigorta’s] impressive growth, first-class management team and customer focus make it an excellent choice for market entry.’
Gökhan Gürcan, Acıbadem Sigorta chief executive, added: ‘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.’