Menu
iPMI Magazine Is Proudly Sponsored By:
For a healthier journey.

iPMI Magazine Has Moved

iPMI Magazine successfully rebranded to iPMI Global in 2023 and has moved to a new home on the internet. To visit the brand new international private medical insurance business intelligence platform, please go to www.ipmiglobal.com

Healix Acquires Capita Global Assistance

Healix International, a global leader in international medical, security and travel assistance services has announced its intention to acquire Capita Global Assistance.

Capita Global Assistance provides worldwide medical and travel assistance to business and leisure travellers for its impressive portfolio of clients.

Scott Sunderman, Group CEO of Healix International explained, “The acquisition is a natural fit for Healix as it builds upon our existing strengths in the global travel risk management market and supports our ambitious growth plans.

“We pride ourselves on service excellence and the high quality of medical care provided by a team of critical care nurses, doctors and specialist consultants. All are highly experienced in international healthcare delivery and aviation medicine and are backed up globally by our extensive, independent network of primary and secondary healthcare facilities.

“The expertise and dedication of our staff have been key to Healix’s success and we look forward to welcoming employees from Capita Global Assistance to our skilled team and enrolling them in the Healix family.”

Scott Sunderman remarked, “We have the infrastructure in place to successfully integrate this business with exceptional staff, bespoke systems, a highly valued global network providing on the ground support and an enviable track record of service excellence with our existing client base of multinational corporations, insurers, government departments and NGO’s.

“The acquisition of Capita Global Assistance is a feather in our cap and a boost to our growth plans and we are looking forward to welcoming new staff and clients to the Healix experience.”

About Healix International

Healix International is a global leader in international medical, security and travel assistance services.  Working on behalf of multinational corporations, governments, NGO’s and insurers, we are relied upon to look after the welfare of millions of expatriates, business travellers and local nationals living and working in every country of the world, 24 hours a day.

Many of these people reside in the most remote, challenging and hostile of environments.  Last year, we responded to over 450,000 requests for medical assistance globally, managed over 35,000 acute in-patient cases in over 160 countries, and conducted over 2,200 aero-medical evacuations from over 110 countries.

To find out more about Healix International visit their micro website on iPMI Magazine, click here now.

 

Read more...

Fairfax To Acquire Brit PLC

Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) announced that it has reached an agreement with Brit PLC ("Brit" or the "company") to acquire all of the outstanding shares of Brit (the "Brit Shares"). Brit is a market-leading global Lloyd's of London specialty insurer and reinsurer.

The full announcement (the "Announcement") is available for viewing on Fairfax's website at www.fairfax.ca/britoffer

Under the terms of Fairfax's offer for the Brit Shares (the "Offer"), Brit shareholders will be entitled to receive 305 pence in cash per Brit Share (the "Brit Offer Price"), inclusive of any final dividend for the year ended December 31, 2014. Fairfax has received hard irrevocable undertakings to accept the Offer at the Brit Offer Price from entities managed by Apollo and CVC in respect of, in the aggregate, a total of approximately 294 million Brit Shares representing approximately 73% of Brit's issued share capital. These entities have undertaken to accept the Offer following the posting of the Offer document. The Brit Offer Price represents a premium of 11.2% to the closing price of 274.2 pence per Brit Share on February 16, 2015, being the last full business day prior to this announcement. The aggregate purchase price payable by Fairfax for the Offer is approximately US$1.88 billion.

On February 12, 2015, Fairfax announced 2014 earnings of approximately US$1.6 billion. Excluding the final dividend expected to be declared by the board of directors of Brit for the year ended December 31, 2014 in an amount of 25 pence per Brit Share, Fairfax's purchase price of 280 pence per Brit Share is less than ten times the company's earnings based on the company's annualized net earnings for the six months ended June 30, 2014. The acquisition is accretive to Fairfax on several metrics including gross revenue per share and investments per share. Fairfax has built a strong relationship with the Brit team and an understanding of their business and operations since the acquisition of Brit's runoff business in June, 2012.

"We welcome Mark Cloutier and his market leading specialty insurance and reinsurance team at Brit to our expanding global specialty platform," said Prem Watsa, Chairman and CEO of Fairfax. "Brit has an outstanding track record over the last ten years and will continue to operate on a decentralized basis once owned by Fairfax. With the acquisition of Brit, Fairfax will have a significant top five position at Lloyds of London. We look forward to working with Mark and the entire Brit team to further develop their business over the longer-term."

Brit's position as a market-leading global specialty insurer and reinsurer, its major presence in Lloyd's and its disciplined approach to underwriting make it a natural candidate to join Fairfax's expanding worldwide specialty operations. Brit's growing US and international reach are highly complementary to Fairfax's existing worldwide operations and the acquisition further diversifies Fairfax's group risk portfolio.

In addition, Brit will be able to leverage Fairfax's expertise in the US and international insurance and reinsurance markets, thus enhancing Brit's global product offering and providing it with expanded underwriting opportunities and support. The Offer is subject to customary closing conditions, including customary competition and merger conditions, and the approval of the Prudential Regulation Authority in the UK, Lloyd's of London and the Financial Services Commission of Gibraltar. It is intended that the transaction be effected by way of takeover offer under section 974 of the UK Companies Act 2006 and the Code on Takeovers issued by the UK Takeover Panel. The Offer Document and the Form of Acceptance accompanying the Offer Document will be published (save with the consent of the Panel) within 28 days.

The Offer Document and accompanying Form of Acceptance will be made available on Fairfax's website at www.fairfax.ca/britoffer

Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

Read more...
Subscribe to this RSS feed