Bermuda-based underwriter Goodhealth Worldwide is set to be acquired by health care benefit provider Aetna following an official announcement yesterday.

Aetna, which serves approximately 34.9 million people with information and resources about health care, has entered into an agreement to take over Goodhealth Worldwide, which underwrites international private medical insurance that offers expatriate benefits to individuals, small and medium enterprises, and large multinational clients around the world.

Aetna expects to finance and complete the move with cash within 30 days.

"We see Aetna Global Benefits (AGB)'s acquisition of Goodhealth as a defining moment for us," said Martin Garcia, group managing director of Goodhealth Worldwide.

"Our respective business models, product structure, market presence, high-quality service delivery and corporate cultures complement each other very well.

"We look forward to being part of the Aetna Global Benefits family as it seeks to expand internationally."

Headquartered on the Island and owned by international insurance business Primary Group, Goodhealth Worldwide focuses on emerging markets such as Asia and Africa, providing an international distribution network in key expat locations, multi-sited administration and claims centres and expertise in the diverse medical infrastructure available globally, as well as established systems for handling international health plan design and multi-currency claims and premium building.

It has more than 55,000 members and 170 employees with offices also in Miami, London, Dubai, Jakarta, Hong Kong and Shanghai and will become a unit of AGB, the company's international business for expats.