Insurer and international healthcare group Bupa is adding a new market to its roster.
The London-headquartered firm will soon be present in Turkey after it has agreed to snap up Acıbadem Sigorta, the second largest health insurer in the country. Bupa said the Istanbul-based specialist health insurance provider generated gross written premium of TRY913 million (around £119 million) in 2017.
“We’re delighted to announce Bupa’s agreement to acquire Acıbadem Sigorta,” commented Bupa International Markets chief executive Simeon Preston. “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 Acıbadem Sigorta have a shared commitment to putting customers first, and we look forward to welcoming the team into the Bupa family.”
Currently wholly owned by Malaysian financial holding company Avicennia Capital, Acıbadem Sigorta employs more than 500 people and covers 600,000 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,” said Acıbadem Sigorta chief executive Gökhan Gürcan. “Together we can support the continued development of the Turkish health insurance market.”
