Cigna and Saudi Arabian Insurance Company BSC (Saico) have signed a joint-venture agreement to enhance their 11-year business relationship.

Both Cigna and Saico will own half of the joint venture partnership, developing their portfolio of health, wellness and insurance products.

Andrew Kielty, Cigna Global Health Benefits president, said: "The Middle East is an important part of Cigna’s global growth strategy, and the new joint venture demonstrates our deepening commitment to investing in the region.

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

Saico president and CEO, Nagib Bahous, said that the joint venture combines the strengths of two organizations 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.