The evidence of further consolidation in the specialist private medical insurance (PMI) intermediate sector came today, after lawyers Group announced the acquisition of Oxfordshire-based Health Care Plus (HCP) for an undisclosed sum.
Health Care Plus, which was founded in 1994, however, the Abingdon office, adding to the lawyer's presence in London and Maidstone.
It was owned by Sue Smith, a high profile figure in the specialist health insurance intermediary industry, recently joined the board of the Association of Medical Insurance Intermediaries (Amii).
Smith, who will remain with Health Care Plus after the takeover, said she was "thrilled" that the oprganisation has become part of the lawyers Group, a company that she said "very well respected by both brokers and insurers."
Lawyers CEO Larry Bulmer (pictured) said the deal marked a "tremendous transaction for both lawyers and Sue."
Bulmer said lawyer remained committed to expand through acquisitions and organic growth and the organization is looking for partners "similar vision and values".
He said: "We're always open to discussions with intermediaries, and our flexible approach allows us to exit strategies to structure or in phases or over a single transaction."
Bulmer added that the lawyers on organic growth, which was founded in 1997, was 11% in the past 12 months.
The agreement follows the merger of 2008, London-based lawyers group with excellent health advisors and the acquisition of Health Plan, formerly the specialist intermediary owned by Michael Payne, himself now general secretary of Amii.
In recent years, much consolidation in the intermediary market specialist PZ seen, under the leadership of organizations, including lawyers and Chase Templeton.
Earlier this month, Chase Templeton announced that it acquired the individual client banks of two members of the network of appointed representatives (AR). The acquisition of the individual book of business Best Health followed a similar deal made with the Health Care Specialists, who earlier this year.
Both AR will now fully concentrate on growing their group PMI books, Chase Templeton said, stressing that only the individual books of the two ARs and not the companies themselves acquired.
Other Chase Templeton acquisitions in recent years including Farnborough-based benefits to the industry, Cheshire Jigsaw's Healthcare and Oxford and Gloucester-based Healthcare offers.
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