Chubb Life Announces Gail Costa Will Lead Newly Acquired Life Insurance Operations of Cigna in New Zealand

Rhea-AI Summary

Chubb Life has appointed Gail Costa to lead its newly acquired life insurance operations in New Zealand from Cigna. This acquisition, completed on July 1, 2022, is part of Chubb's strategy to expand its presence in the Asia-Pacific region and enhance its accident and health insurance business. Costa, previously the CEO of Cigna Life New Zealand, brings over 40 years of experience in the insurance industry. This move is expected to strengthen Chubb's market position and operational capabilities in New Zealand.

Positive

• Acquisition of Cigna's life insurance operations in New Zealand enhances Chubb's presence in the Asia-Pacific region.
• Gail Costa's appointment brings extensive industry experience and leadership to Chubb Life.

Negative

• None.

HONG KONG, July 3, 2022 /PRNewswire/ -- Chubb Life today announced that Gail Costa will lead the company's life insurance operations in New Zealand that were recently acquired from Cigna. Ms. Costa, who is currently Chief Executive Officer of Cigna Life New Zealand, will continue to have executive operating responsibility for the business, which will operate under the Chubb Life brand in New Zealand.

On July 1, Chubb, the world's largest publicly traded property and casualty insurer, completed its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in six Asia-Pacific markets, including New Zealand. The addition of this consumer-focused business advances Chubb's strategy to expand its presence in the Asia-Pacific region, a long-term growth area for the company, and adds to an already sizable accident and health (A&H) business while expanding the company's Asia-based life insurance presence.

Ms. Costa will, in addition to the local Board, report to Brad Bennett, Senior Vice President, Chubb Group and Chief Operating Officer, Chubb Life.

"Gail is an experienced insurance executive who has led businesses for Cigna in multiple countries, including New Zealand, where she's been managing the operation through a period of growth and change since 2018," said Mr. Bennett. "She's a strong leader with deep expertise across finance, operations and marketing.  New Zealand is a new market for Chubb Life, and we're fortunate to have Gail in this position. I look forward to working with her and welcome all of our new colleagues from Cigna at this exciting moment for our business in New Zealand and across Asia-Pacific."       

Ms. Costa has more than 40 years of insurance industry experience, including 18 years as an executive with Cigna. She has served as CEO of Cigna Life New Zealand since 2018, and also led the business from 2003 to 2013.  Ms. Costa also held CEO positions for Cigna in Turkey, Hong Kong and Europe.  Prior to joining Cigna, Ms. Costa was the General Manager Operations for Asteron.

Ms. Costa is a qualified accountant and holds a bachelor's degree in Commerce and Administration from Victoria University and a Diploma in Direct Marketing from the Institute of Direct Marketing, London, U.K.

About Chubb Life  

Chubb Life is an international life insurer, primarily focused on Asia, that provides protection and savings-oriented life insurance products to individuals and groups. Chubb Life serves the needs of consumers through a variety of distribution channels, including primarily captive agents, but also through banks, retailers, brokers, independent agents and direct marketing. Chubb Life has operations in eight Asian markets — Hong Kong, Indonesia, Korea, Myanmar, New Zealand, Taiwan, Thailand and Vietnam — as well as Latin America.

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/chubb-life-announces-gail-costa-will-lead-newly-acquired-life-insurance-operations-of-cigna-in-new-zealand-301580021.html

SOURCE Chubb Life

FAQ

What is the significance of Chubb's acquisition of Cigna's operations in New Zealand?

The acquisition enhances Chubb's presence in the Asia-Pacific region and strengthens its accident and health insurance business.

Who is leading Chubb Life's operations in New Zealand after the acquisition?

Gail Costa, formerly CEO of Cigna Life New Zealand, will lead Chubb Life's operations in New Zealand.

When was the acquisition of Cigna's life insurance operations by Chubb completed?

The acquisition was completed on July 1, 2022.

What experience does Gail Costa bring to Chubb Life?

Gail Costa has over 40 years of experience in the insurance industry, including leadership roles in multiple countries.

How does the acquisition affect Chubb Life's strategy in the Asia-Pacific market?

The acquisition is part of Chubb's long-term strategy to expand its market presence and enhance its consumer-focused businesses in the Asia-Pacific region.