Bupa, the international healthcare company, today announces it has agreed to acquire Turkey’s second largest health insurer, Acıbadem Sigorta, subject to regulatory approvals.
Acıbadem Sigorta is a specialist health insurance provider with both corporate and individual customers. Headquartered in Istanbul, it has over 500 employees and covers 600,000 lives. In 2017 Acıbadem Sigorta generated gross written premiums of TRY913m.
Bupa will benefit from Acıbadem Sigorta’s local market knowledge, and their customers and employees will benefit from the strength of Bupa’s expertise and experience.
Simeon Preston, CEO of Bupa International Markets, said: "We’re delighted to announce Bupa’s agreement to acquire Acıbadem 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 Acıbadem Sigorta have a shared commitment to putting customers first, and we look forward to welcoming the team into the Bupa family.”
Gökhan Gürcan, CEO of Acıbadem Sigorta added: “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.”
Acıbadem Sigorta is currently wholly-owned by Avicennia Capital, a Malaysia-based financial holding company.