Saudi Arabian Insurance Company (SAICO) and health services company Cigna have launched a joint venture aiming to enhance their current partnership in developing their health, wellness and insurance products portfolio in Bahrain.

The joint venture was announced during a Press conference at the Sheraton Hotel Bahrain, said a report in our sister publication, the Gulf Daily News.

"These products are targeted towards regional and multi-national employers and organisations across the Middle East, and in the process expanding our 11-year business relationship," said Cigna Global Health Benefits president Andrew Kielty.

He said the Middle East is an important part of Cigna's global growth strategy, and the new joint venture demonstrated its commitment to invest in the region.

"We want to deepen our commitment to serve the local population as well as the globally mobile workforce on assignment in the region," he added.

"SAICO is a well-regarded general insurance company in the region and in partnering together, we have developed a solid reputation in the marketplace through our collective strength and focus, market knowledge, vast network and combined service proposition."

SAICO president and chief executive Nagib Bahous said the Middle East is the main market for SAICO's operation where medical business is one of the fastest growing sectors.

"SAICO is committed to servicing clients in the health insurance business as it does in other classes of insurance," he said.

"The joint venture combines the strengths of our two organisations and aligns the current partnership around a common goal of meeting the needs of customers and clients located in the Middle East for enhanced customer service and efficiency," he added.

He said in the partnership with Cigna, SAICO will be able to improve on cost containment through clinical and claims management.

Cigna and SAICO each will own half of the joint venture partnership.

"The joint venture is committed to continuing to invest and growing further its product offerings and service capabilities in the Middle East and gaining market share in this region," said Bahous.

He said once the formalities are finalised, the joint venture will announce its official name, headquarters and other details. – TradeArabia News Service