Bupa, a London-based health care company, has acquired a stake in Highway to Health Inc.
Highway to Health sells and administers GeoBlue International health insurance products. Terms of the deal were not disclosed. Bupa is buying a 49 percent stake in the company.
The transaction comes as part of a partnership between Bupa and the Blue Cross Blue Shield Association, which are joining forces to create a health care network for international health insurance customers. Blue Cross and affiliates own the remaining 51 percent of Highway to Health.
The Highway to Health partnership will create a network with more than 11,500 hospitals and 750,000 medical professionals in 190 countries.
The deal follows many deals in the insurance space. In January, American Financial Group Inc. (NYSE, Nasdaq: AFG) announced it would buy Summit Holdings Southeast, a workers compensation insurer, for $250 million. Also in January, Hub International Ltd. bought GNW-Evergreen Insurance Services Inc.