‘Today, 13th May 2015, I am pleased to confirm that AXA has reached an agreement with Simplyhealth to acquire its private medical insurance (PMI) business, subject to approval by the appropriate authorities.
Simplyhealth has been operating in the UK PMI market for 13 years. Employing around 400 people in Bristol, it provides health cover for over 200,000 people, individually and through its SME and corporate customers. Simplyhealth has recently completed a strategy review and intends to invest the funds it raises from the transaction outside the PMI market.
Simplyhealth’s well balanced, stable book of PMI business will be an excellent addition to AXA PPP healthcare and this agreement has presented a rare opportunity to acquire complementary business in the UK. Both companies share a commitment to offering outstanding customer service, supporting their local communities and being an employer of choice. We look forward to working with Simplyhealth and its intermediary partners to ensure a smooth transition, providing excellent service and continuing cover for all its individual and business customers.
Simplyhealth’s Chief Executive Romana Abdin said: “This is a deal that makes sense for both sides. The sale of our PMI business will accelerate Simplyhealth’s strategy of investing in everyday healthcare, addressing the everyday conditions that stop people from making the most of life. AXA PPP healthcare has a long-term commitment to the PMI market and this sees them acquiring a business with well-aligned values and great customer service standards. We are delighted to have found a good home for our customers and people in AXA PPP healthcare.”
It’s our intention to provide the highest level of service during this transition time and we look forward to a long and mutually beneficial relationship with all of our customers as we continue to develop more products and services for them.’
Chief Executive, AXA PPP healthcare
Original source: AXA PPP