Cigna NZ’s CEO Gail Costa says her company will be renamed Chubb when the transfer of its business to the firm is completed.
The Chubb group bought Cigna Corp’s life, accident, and supplemental benefits businesses in seven countries for US$5.75 billion in October, with the purchase of the local operation subject to regulatory approval.
During a Cigna Live broadcast on Wednesday 24 November, Costa told David Haak, Cigna NZ’s General Manager – Distribution, that “…there’s a fair bit of excitement in our company about this sale”.
“We know a lot of the people who work at Chubb because many are ex-Cigna colleagues,” she said. “Chubb has a strong commitment to financial advisers.”
Costa says her firm is going through what she calls a “lift and shift” that will mean a name change to Chubb.
“But financial advisers will still be working with the same Cigna team who will continue supporting you,” she told hundreds of advisers watching the broadcast.
Evan Greenberg, Chairman and CEO of Chubb International, spoke with members of the Cigna NZ team a day before the broadcast.
Costa says Greenberg assured her Chubb likes the New Zealand market and the growth Cigna has made, particularly with its purchase of OnePath from ANZ bank in 2018.
“All in all, we have a big year planned for 2022 and advisers are at the centre of that,” she said.
Looking at 2021 Costa says it has been a “remarkable year”.
“The highlight for me has been the massive growth and that is due to the advisers,” she said. “We have also seen significant growth in the number of advisers using us.”
Costa says the year has seen the firm focus on building relationships with advisers.
“To do this we have worked really hard to find out how we can do better,” she said. “We know you have a choice so your partnership with us is very important.
“We’ve now got a dedicated distribution support team across the country to support advisers and this year we’ve expanded our presence in the South Island. So no matter where you are, our team is not far from you.”
Costa says supporting advisers to stay on top of the regulatory environment is key for the firm and that it is on track to submit its application for a full licence by June 2022.