British health group Bupa which has 32 million customers in 190 countries had made necessary agreements to buy Acibadem Sigorta (Insurance) of Turkey, the second largest insurance company in Turkey’s health sector. Bupa has recently announced that the acquisition process of Acibadem is now completed. Acibadem was sold to a Malaysian investment fund 5 years ago.

Bupa, the international healthcare company, announces it has completed the acquisition of Acıbadem Sigorta, Turkey’s second largest health insurer.

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 TL 913m.

Simeon PRESTON, CEO of Bupa International Markets, said: “We are delighted to announce that Bupa’s acquisition of Acıbadem Sigorta is now complete. Bupa will benefit from Acıbadem Sigorta’s local market knowledge, and their customers and employees will benefit from the strength of our expertise and experience. We look forward to welcoming Acıbadem Sigorta into the Bupa family.”

Gokhan Gurcan CEO of Acıbadem Sigorta added: “We’re delighted to join Bupa. Together we will build on Acibadem Sigorta’s successes from the last 26 years and support the continued development of the Turkish health insurance market.”

Headquartered in Istanbul, Acıbadem Sigorta is a specialist provider of health insurance services for the corporate and individual segments. From 2013 to 2017, Acıbadem Sigorta increased its GWP market share from 12% to 18% and became the number one Turkish health insurer in corporate business and number two overall. Acıbadem Sigorta is managed by an experienced executive team – each member of the senior management team has over 20 years of experience in the industry.

Acıbadem Sigorta is the largest health insurer in the Turkish Corporate PMI segment with a 27% share of GWP. In the individual PMI segment, it is the third-placed player with a 9% market share.