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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

AXA PPP Healthcare Initial Response To CMA Remittal Investigation Provisional Decision On Remedies

AXA PPP issued the following statement and notes the Competition and Markets Authority’s provisional decision on remedies in relation to its remittal investigation into the private healthcare market:

We are reassured that the CMA continues to recognise that there is a problem with competition in the Central London market for private medical services.

Evidently the CMA has been provided with new information as regards Cleveland Clinic’s possible market entry, which appears to underpin the CMA’s new provisional decision.

We have not been privy to all of this information and therefore we are not in a position to comment as to whether this will provide a suitable counterweight to HCA’s position in the London market.

We will now study the provisional decision on remedies in detail and continue to work with the CMA on its findings.

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Willis Group Completes Transaction With Miller To Form A Leading London Wholesale Specialist Insurance Broking Firm

Willis Group Holdings has announced that following receipt of all necessary regulatory approvals, it has completed its investment in Miller Insurance Services LLP to form a leading London wholesale specialist insurance broking firm.

The transaction combines the firms' respective wholesale businesses to trade under the Miller brand, managed, governed and regulated as a standalone legal entity and separate Lloyd's broker.

Under the terms of the transaction, Willis has become a corporate member in Miller Insurance Services LLP by taking a majority (85%) interest in the partnership. Partners of Miller retain the remaining interest so that it can be transferred to new generations of Miller partners in perpetuity. 

The transaction combines those businesses of Willis and Miller that are complementary, and selected broking activities will transfer between the two firms. Wholesale broking activities encompassing a series of business units will transfer from Willis to Miller and Miller's treaty reinsurance, UK Corporate client and Financial Institutions retail teams will transfer to Willis.

Dominic Casserley, CEO of Willis Group, commented, "The successful completion of this transaction combines the exceptional talent and capabilities of Willis and Miller, creating a platform for future growth. Bringing together complementary businesses under our respective brands adds further strength and depth to our client propositions." 

Graham Clarke, CEO of Miller, said, "I am delighted that we have concluded this transaction to create a unique partnership in our industry; one where we have preserved the values of Miller that matter to our clients – those of independent advice and where clients come first. By combining the strengths of our two firms, we will be able to offer additional expertise, experience and product knowledge. While we look back proudly on our long heritage, we are also looking forward to a new era of partnership." 

Willis announced its agreement to take a majority interest in the Miller partnership on 22 January 2015. The terms of the transaction were not disclosed.

 

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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.

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