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International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient. Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Website URL: http://ipmimagazine.com

ROCK Insurance Group Launches New Underwriting Agency, Tigon Cover Services Limited

ROCK Insurance Group has launched Tigon - an Underwriting Agency that provides insurance products to the UK Travel and Broker markets.

The Tigon business was set up to enable ROCK to diversify its product range beyond travel insurance and open up wider distribution networks in the broker market. To do this, it challenges the status quo to deliver results to its clients and business partners alike and offers a personalised experience for brokers.

Tigon works with its insurer partners and underwrites the following insurance products for the travel sector and broker market:

  • COVID19 Cancellation Cover (Tour Operators)
  • COVID19 Cancellation Cover (Consumer)
  • Travel Insurance

The strategy is to write a balanced, disciplined, and structured book of business that will provide a profitable return for its insurer partners. Tigon develops products with an emphasis on value and breadth of service and product range.

Tigon has currently launched three products:

  • COVID-19 Cancellation Cover for Tour Operators: This product is offered to travel companies who take the cover out to ensure they can protect their customers’ money if their customer cannot travel due to COVID-19. 
  • Cancellation Cover including COVID-19 for consumers: This product is offered to travel companies who take the cover out to ensure they can protect the customers’ money if their customer cannot travel due to COVID-19 and wider cancellation perils such as accident, illness, fire or flood, redundancy etc. with an option of a benefit for COVID-19 hospitalisation in resort. 
  • Travel Insurance: Includes medical cover up to £10 million, cancellation cover up to £5,000, personal possessions cover up to £3,000, optional cover for golf, winter sports and more and medical screening available for pre-existing conditions. Also provides cover for: cancellation costs if a customer tests positive within 14 days of their trip, cancellation costs if a customer is hospitalised, cover if they are denied boarding due to COVID-19, cancellation costs if accommodation closes, cover extension if a customer has to self-isolate following a diagnosis abroad and cover for single trips within Europe if the Foreign, Commonwealth and Development Office’s advice changes for a destination due to COVID-19 before travel.

Ashley Millington, Director at Tigon Cover Services Limited says, “We are delighted to launch our underwriting agency. We pride ourselves on the experience of underwriting along with swift responses and rated security – it is our ambition to provide a truly compelling solution for the insurance industry. The stakeholders of ROCK have a vast amount of experience within the insurance market and have a good track record to support this, so we are thrilled to have their backing and expertise. Our success is dependent on our staff and our brokers convincing clients and prospective clients that price, although important, is not the only criteria for the purchase of insurance. We look forward to building successful partnerships in the broker market.”

Antony Martin, Managing Director at ROCK Insurance Group says, “We are delighted to launch Tigon Cover Services Limited as its majority stakeholders. I have worked closely with Ashley for years and know that he and the team share the same core values as ROCK in their determination, confidence and, trustworthiness so brokers will be in great hands. Tigon’s insurance products will be vital to the travel trade as it starts to recover from the pandemic. We look forward to diversifying our product range beyond just travel insurance through our affiliation with them.”

PwC UK Predicts Global Insurance Run-Off Liabilities To Reach $864bn

Welcome to the thirteenth edition of PwC’s Global Insurance Run-off Survey, which has been produced in conjunction with IRLA and AIRROC.

The growth in legacy activity predicted in the last edition of this survey has materialised, boosted by significant investment in both new and existing legacy players. The market has maintained its momentum, with over 100 legacy deals publicly announced since our last survey, consistent with the volume in the prior period.

Survey respondents predict legacy deal activity will remain at record highs, with the US and Lloyd’s markets continuing to be particularly busy. Respondents further indicated that they expect the sector to be heavily influenced by factors such as increased levels of capital availability and hardening live market conditions which will ensure a strong supply pipeline over the next two years. We would like to thank everyone who responded to our survey. Learn more about some of our key findings below.

 

Survey key findings 

  • The majority of survey respondents believe the global legacy market is growing 
  • Key restructuring drivers remain consistent with the deal flow that has been observed in the market over the past two years. 
  • Releasing capital continues to be the primary driver of run-off activity, followed closely by disposing of non-core business and achieving early finality.
  • 93% of respondents believe new capital will continue to be made available to legacy market players in the current hardening market.
  • 79% of respondents foresee consolidators pricing legacy deals at Internal Rates of Return (IRR) of between 10-20%.

Estimates of market size 

  • Overall, PwC estimates that the global non-life run-off reserve has increased to US$864bn, a 9% increase since the previous edition of the report.
  • The North America region continues to dominate, with reserves of US$402bn.
  • UK and Continental Europe markets have a combined reserve of US$302bn.
  • Run-off liabilities in other key territories, including Asia, the Middle East and South America, have combined liabilities of US$160bn.

Read the full report, click here.

 

Report investigates How COVID-19 Has Affected Global Housing Market Trends For Expatriates

Finding a new home is an essential and challenging aspect of international relocation. Whether rented or owned, an expat’s home is an important element of their new life abroad: a safe place in a new country - and often a new culture.

But as COVID-19 continues to affect international travel, local economies and people’s personal plans, international health insurance provider Aetna International has revealed how the pandemic is reshaping housing markets across the world.

The Global Housing Market report reveals that:

  • House prices have become more affordable for the average family in countries including China, Germany, Hong Kong, Singapore and the UK
  • France and Indonesia have seen housing prices increase relative to average income
  • The Philippines saw the biggest increase in price-to-income ratio, from 23.63 to 29.92. This means that house prices are almost 30 times the average family income

Impacts in key countries can be found below. The full Global Housing Market report, which contains more data including price-to-income ratio data as well as purchase and rental market highlights, can be found here: https://www.aetnainternational.com/en/about-us/explore/living-abroad/expatriate-life/global-housing-market-trends.html

Impact by country

UK

The UK’s rental and housing markets maintained stable increases into the early part of 2020, but these reversed in mid-2020 – bucking predicted gains - when the pandemic’s first wave peaked.

While there were percentage drops, the change was not quite as dramatic as other countries. The biggest switch was 2.8% for price-to-rent outside city centres. While the overall changes are slight, renting has become less attractive and buying property more affordable. However, it remains to be seen how the government’s freeze on stamp duty (tax on buying property) in mid-2020 will impact the housing market when it ends in March 2021.

“While COVID-19 has clearly had a dramatic impact on the global housing market, it will be difficult to fully assess the resulting change until economies stabilise.” Said Caroline Pain - Senior Vice President, Customer Proposition, Aetna International.

“The pandemic could spur further fluctuations in the global housing market, so pre-trip planning is more essential than ever during this uncertain period. Expats looking to move abroad should consider the measures put in place to support the housing market by the government in their destination country.

“Above all, expats should prioritise the health and well-being of their family - relocating to a new country is big life change even when there isn't a global pandemic.”

Germany

In Germany, both the rental and purchase markets are lower than forecast. Price-to-income and mortgage as a percentage of income both saw a decrease of 0.7%, while price-to-rent ratios dropped inside and outside major cities by 0.9% and 2.9% respectively.

As such buying property is currently more favourable than renting - a potential issue for expats considering a short-term move.

The nation’s proactive response to the first wave of COVID-19 may well be a reason for the relatively low impact on Germany’s housing markets, which was not impacted as badly as similar countries, such as the UK.

China

Despite projected growth, the relative percentage change between mid-2019 and mid-2020 was -5.1% for mortgage as a percentage of income and -6.2% for price-to-income.

The report reveals that, relatively speaking, house prices in China are falling. These low prices may explain the news reports from 2020 that suggest sales are booming in China. This may be due to buyers taking advantage of affordable mortgages.

Hong Kong

In recent years, Hong Kong has maintained a steady purchase and rental market. However, in 2020, the rate of growth in the rental market slowed and both price-to-income ratio and mortgage as a percentage of income bucked predicted trends, with price-to-income ratios dropping by 11.9% from mid-2019 to mid-2020.

As a result, the affordability of buying a property has increased for many families on an average income.

Indonesia

The Indonesia purchase market has witnessed notable divergence from predictions. Since mid-2019, mortgage as a percentage of income rose by 58.9% and price-to-income ratio increased by 41.3%, making housing far less affordable for the average family during the course of the pandemic.

Indonesia experienced a steady growth in COVID-19 infections in 2020. Coupled with an economy in recession, the affordability of housing may continue to feel the impact of these combined circumstances.

Metrics used in the analysis

●     Price-to-rent ratio shows the average cost of ownership divided by the estimated rent for properties in city centres and those outside the city centre. Lower values suggest that it is better to buy rather than rent, and higher values suggest that it is better to rent rather than buy

●     Price-to-income is the ratio of apartment prices to average disposable income. Lower values mean more affordable housing

●     Mortgage as a percentage of income is a ratio of the actual monthly cost of the mortgage to take-home family income. Lower values mean more affordable housing.

Methodology

Using data from Numbeo, house price, mortgage and rental metrics were measured from 2015 onwards, to predict how specific markets ‘should’ have looked in 2020. These predictions were then compared to the latest data to uncover recent and emerging trends in global housing markets, many of which can be attributed to the direct and indirect impact of COVID-19.

Think Insurtech And INSquary Forge Partnership

Insurance companies are keen on working only with those intermediaries who are fully compliant with the corresponding regulations.

The EU requirements (GDPR and IDD) act as a benchmark for such regulations. These companies are constantly looking for solutions which could facilitate and simplify the process of their increasingly demanding due diligence in terms of verifying the regulatory compliance of their partners.

In this context, the two innovative companies Think Insurtech and INSquary announce a partnership.

RELATED READING: iPMI Magazine Speaks With Olivier LE FAOUDER, CEO And Brian S. Piper, Co-Founder - Strategic Business Development, Think Insurtech

Think Insurtrech, through its SaaS platform, offers insurers, providers and brokers a platform to manage the compliance of the distribution of health insurance with the aforementioned regulations. This platform manages their commitment through a community, along with the digitization of the customer journey from the electronic signature to the online payment.

INSquary has developed an internet platform, accessible in SaaS mode on subscription. This allows distributors and outsourced services to assess the compliance of their practices with the regulations in effect. The process is as follows: 

  • A questionnaire is followed by the submitting supporting documents in a secure “virtual binder”.
  • The risk carriers (insurers) or wholesale brokers then learn about these “virtual binders”.

INSquary has a multilingual platform that presents several versions of questionnaires: a “global” version (based on European regulations) and “local” versions (based on national regulations).

The partnership between the two companies aims to use their complementing features and abilities to help their users, the professionals in the insurance sector, to comply with international compliance regulations in the best possible manner.

About INSquary:

INSquary is a "RegTech", awarded by Finance Innovation, which uses the potential of digital technology to facilitate and secure relations between insurers and their partners (intermediaries, outsourced services) concerning the dematerialized formalization of agreements and compliance of their regulatory obligations. INSquary aims to be the benchmark platform for "KYD" (know your distributor) at European level. Website: www.insquary.com.

Press contact: Rémi Villiers-Moriamé, CEO.

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cellphone: +33 (0) 6 87 23 71 10

About Think Insurtech:

Think Insurtech (LF Finance SAS a part of AOC Insurance Broker group) is a software publisher specialized in PMI & IPMI with a SaaS Platform to manage A to Z the distribution of medical insurance (Individual/families module – Corporate module – Community platform module – Compliance module - Travel Insurance module API) in a global and connected environment. We offer a comprehensive approach and process in working with clients to place both international and domestic healthcare cover including group life and protection.income

Website: www.thinkinsurtech.com

Press contact: team@thinkinsurtech.com

Phone: + 33 (0) 1 49 97 8038

FBNInsurance Partners With Collinson To Launch International Health Insurance Plan

FBNInsurance, a Nigerian life insurer and a member of the SANLAM group, has partnered with Collinson to launch SmartHealth International, a market specific international health insurance product for critical medical conditions. 

Addressing the health insurance gap in the Nigerian market between domestic and international health insurance products, FBNInsurance and Collinson have collaborated on the design of SmartHealth International, which will deliver a suite of new affordable health insurance products aimed at Nigerian employers desirous of protecting and giving peace of mind to its employees and their families.

NAICOM approved, SmartHealth International, is designed to complement local healthcare cover by providing cover for treatment abroad should an employee or family member develop a critical medical condition that cannot be adequately treated in Nigeria.

FBNInsurance, a leader in Life insurance in the country, delivers products that help customers enjoy the peace of mind that comes from managing the risks of everyday life and the introduction of a health insurance proposition complements its portfolio strategy. With national presence in strategic geographical locations across the country, FBNInsurance will market SmartHealth International across Nigeria, whilst partnering with Collinson to leverage its in-house international insurance and assistance expertise to provide international access to an extensive network of Collinson certified medical providers.

Understanding the drivers for affordability, and at a time when provision for adequate healthcare and peace of mind has never been more top of mind, SmartHealth International is an affordable solution for the treatment of complex and critical care treatments. The proposition has been designed to cater for  specific critical complex medical events such as cancer and those requiring renal, orthopaedic and neurosurgery, as well as serious trauma injuries sustained in road traffic accidents. These collectively are the primary medical conditions for which Nigerians are currently leaving the country to seek medical care abroad.

Each case will be individually case managed and assessed, working closely with attending doctors in conjunction with Collinson’s expert international medical team. Depending on the level of cover purchased, eligible policyholders will be flown to South Africa, India or the UK, and even North African countries, where Arabic speaking is required.  

Speaking about the Launch, the Managing Director/CEO of FBNInsurance, Val Ojumah said “At FBNInsurance, one of our primary objectives is to help people, businesses and communities get back on their feet when the unexpected happens and it has never been more pertinent than now to offer our customers more choice and peace of mind when it comes to their healthcare. We are delighted to be launching this proposition in partnership with Collinson. Our teams have collaborated to develop a unique and affordable international healthcare solution that not only caters for critical medical conditions that cannot be adequately cared for in Nigeria, but also delivers innovation locally across health insurance product design”.

In addition, Lawrence Watts, Head of Insurance at Collinson, commented “Our health and the health of our loved ones has never been more top of mind and so Collinson is proud to be partnering with FBNInsurance to give their Nigerian clients access to optimum international healthcare whilst maintaining value for money. At a time when the demands of even the best of healthcare systems globally are under pressure, it’s vital to provide healthcare alternatives to consumers, particularly in markets where we have identified a gap between domestic and international cover.”

 

iPMI Magazine Marketing And Advertising Media Kit 2021

Learn All About iPMI Magazine Professional Digital Advertising, Media & Marketing Services In The Brand New iPMI Magazine 2021 Marketing And Advertising Media Kit.

  • STATS: Get all the traffic stats and latest reader info on;
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  • iPMIM RATE CARD: Find a suitable rate and marketing program.

iPMI Magazine is where the international medical, health care and expatriate market go to protect insureds, find new providers, expand worldwide broker networks, build new relationships and stay 1 step ahead of the risk.

“The International Private Medical Insurance Magazine have great market knowledge and experience in the iPMI sector and they produce excellent market updates. We are delighted to be associated with Christopher Knight and his team.”

CHRISTOPHER PERCIVAL, BOARD DIRECTOR, HEALTHCARE INTERNATIONAL

Over 40,000 international private medical insurance executives, in over 120 countries, rely on iPMI magazine each month to stay 1 step ahead of the risk.

Due to the nomadic nature of the international private medical insurance (IPMI) market iPMI Magazine is an internet based news service for worldwide insurance and assistance professionals who need to understand the impacts of health care and insurance policy, regulatory, and legislative developments.

iPMI Magazine is the only truly global IPMI media serving the international medical insurance and assistance industry. Trusted by leading iPMI payors and providers we deliver all of the industry news under 1 roof.

  • Always-on digital media;
  • Highly referenced by the industry;
  • 40K+ unique readers each month;
  • 11 years in operation;
  • Increase online influence;
  • Drive targeted web traffic;
  • Written by the industry;
  • Educational and informative;
  • Regular news = regular readers;
  • Executive and exclusive;
  • All the news under 1 roof;
  • Easy to access.

Readers find iPMI Magazine via the following means:

  • iPMI Magazine subscriber database - see page 9;
  • Email newsletters;
  • Social Media;
  • Web searches from sites like Google;
  • By habit;
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“If you want to succeed in the Global IPMI business, I highly recommend that you get to know Christopher Knight.”
MICHAEL NOLE, HEAD OF BUSINESS DEVELOPMENT, CIGNA Global IPMI.

“iPMI Magazine is an excellent source of in-depth information on our market and useful to a wide range of brokers, customers, insurers and service providers.”

RICHARD DI BENEDETTO PRESIDENT - AETNA INTERNATIONAL

Book A Free Digital Media Consultation With An IPMI Marketing Expert

Write to ipmi[at]ipmimagazine.com to book a free digital marketing consultation today.

REVA Opens New Ireland Base

REVA continues to expand its award-winning global services with a new full-service base of operations in County Clare, Ireland, at the Shannon International Airport (EINN).

The Ireland base, first announced in 2020, received its final approvals in early February and is now fully operational with a full-time Ireland-based crew.

“I am very confident in the skill of our clinical crews based at Shannon, led by Dr. Adrian Murphy, a leader in pre-hospital medicine, we have some of the most capable critical care crews in the air ambulance world,” said Steve Williams, Global Director of Medical Operations.

REVA’s newest base addresses clients’ needs for both long-range and regional providers in the market. The company saw the ability to leverage the Shannon Ireland base to speed up transatlantic operations between the Americas and Europe offering a quicker patient transport time, providing fewer delays for crew repositioning and overnights, and ultimately minimizing the hospitalization costs at the treating facility.

Until now, REVA’s base in Schenectady, NY (KSCH) served Europe, Africa, and the Middle East. The new base in Ireland is strategically positioned to serve Europe, Asia, the Middle East, and Africa, providing the company a foothold in a part of the world with fewer air-ambulance and medical transport service options.

“Our latest expansion into the EMEA region reflects REVA’s commitment to delivering customized aero-medical solutions to meet our clients’ needs. We look forward to offering fast, reliable, and cost-effective services our clients have grown to trust over the years,” said Douglas Weisz, Senior Account Executive.

The Shannon Ireland operation features, a company-owned Hawker 800XP, operated through a strategic partnership with Gainjet Ireland. The Hawker 800XP offers a spacious stand-up cabin, enclosed lavatory, and room to accommodate up to three or four family members.

“We are extremely excited about the opening of our new base in Ireland. We have had excellent support from the Irish Development Agency (IDA) and the Pre-Hospital Emergency Care Council (PHECC) in setting up our base. We look forward to our partnership with Gainjet Ireland Ltd and working with health care professionals across Ireland and throughout the EMEA region to provide high-quality critical care and aviation services.” said Shannon Schell, President, and CEO of REVA, Inc.

Headquartered in Fort Lauderdale, Fla., with satellite operations in San Juan, Puerto Rico, and Schenectady, N.Y., the Ireland operation increases the number of global bases to four with more than 350 employees worldwide. REVA flights operate 24 hours a day, seven days a week, offering onboard medical staff that utilizes fixed-wing aircraft that serve as air ambulances.

 

 

Health Passports Are Already Here!

The UK Government are reported to be discussing the introduction of so called ‘Covid passports’ today in a bid to get overseas travel moving again.

However the Travel Risk and Incident Prevention Group (TRIP) are keen to point out that ‘Health passports’ have been around for years. 

Lloyd Figgins Chairman of the TRIP Group and travel risk expert explains: explains: “Health passports are being talked about as though they are something new; well, the breaking news is they’re not. They have been around for a while, both as an app for a smartphone, and as a card you can carry on your person in case of an emergency.

“They are an effective way of allowing vital information to be accessed quickly and accurately. To include information regarding Covid-19 vaccination and testing is a very simple procedure for the suppliers of these passport systems and will allow travel to open up faster once they are uniformly rolled out.

“For years now we have travelled with Yellow Fever certificates, which are internationally recognised and accepted. The health and financial benefits of having an internationally aligned system is essential in allowing travel to resume in a safe and effective manner. It also helps reduce vaccination and health information being exploited.”

In the last week, the governments of Greece and Spain have voiced their support for such a system and ultimately, it’s governments who will decide which system will be used and the more joined up they are in their approach the better it is for anyone wishing to travel.

Figgins commented: It’s in the UK government’s best interests to get on-board with what other nations are suggesting and to do so quickly. Equally, airlines, cruise lines and tour operators will all have their own rules on health passports, with Qantas and Saga Cruises already saying that proof of vaccination will be required for their passengers.

“This should be something that’s welcomed by governments, travellers and tour operators alike, as it adds another layer of safety and security to those travelling. Health and vaccination information can be accessible, all with just the swipe of a QR code or via an app. Those who have ever been admitted to a medical facility know that on arrival you will be asked a series of questions, including if you have any allergies, what medications you’re taking and details of your past medical history. Imagine if all this information could be accessed by medics, even if you’re unconscious. This could be truly lifesaving and certainly allow doctors to ensure you receive the correct and appropriate medications and interventions, so it goes well beyond just dealing with Covid-19.”

Concerns have been raised about people being tracked and their data being used by governments and others to gain information about them but as Lloyd explains this is already happening: “Every time you check-in for a flight, arrive at a hotel, use your smartphone, you’re being tracked and your data is being used. Those who use fitness apps and activity monitors, you have already willingly given your health data away, right down to your heart rate and eating habits. Willingly providing information on vaccinations is a small price to pay, compared to the data we already give away to large corporations for free.”

Arch Insurance Announces Streamlined Experience for Pricing and Purchase of Business Travel Accident Insurance

Arch Insurance Company today announced a new online platform that allows brokers to rapidly price and purchase Business Travel Accident (BTA) policies for U.S.-based companies with up to 250 business travelers.

The platform, called Arch BTAExpressTM, leverages a state-of-the-art underwriting and technology experience, allowing simple plan design selection, pricing and binding of BTA policies, with most quotes delivered almost immediately. The result is a substantial reduction in the time and effort it takes brokers to obtain coverage for their clients’ business travelers.

“We’re pleased to announce our new BTA product options and platform, in an environment where efficiency and simplicity are definite advantages,” said Jeff Ray, SVP, Arch Insurance Company, Accident & Health. “We are anticipating an increased interest in travel insurance coverage for both business and leisure travel due to heightened COVID-19 awareness, and our new approach to connecting brokers and insureds with our products will simplify the process.”

Arch’s BTA products offer businesses a choice of product options that include the ability to add out-of-country medical expense coverage. All plans include valuable travel assistance services, including but not limited to worldwide medical and evacuation assistance for employees and any accompanying family members as well as other specialty benefits to assist with the expenses of rehabilitation, counseling, family reunion and childcare needs resulting from accidents while on business travel.

The technology used for this online experience builds on Arch’s award winning RoamRight® travel insurance technologies and platform through which travel advisors and insureds have been purchasing leisure travel insurance for almost a decade.

Arch will host a webinar to showcase the new BTA offer and purchase platform on Feb. 23, 2021. Click here to register.

Pacific Prime Acquires CXA Group's Brokerages

Insurance brokerage Pacific Prime has solidified its foothold in Asia Pacific by acquiring the Hong Kong and Singapore brokerage arms of CXA Group, an insurtech company that has exited this sector to focus on its cloud-based enterprise SaaS business. The acquisition deal took place on February 4th, 2021.

CXA's insurtech business is backed by HSBC, Singtel Innov8, the Singapore Economic Development Board's investment arm EDBI and B Capital Group, the venture firm of Facebook co-founder Eduardo Saverin.

The acquisition of CXA Group’s brokerage arms in Hong Kong and Singapore is a breakthrough, as Pacific Prime seeks to continually expand in the Asia Pacific region and globally. The acquisition gives Pacific Prime the technology to offer full-flex and simplified flex solutions to all of its clients around the world.

Neil Raymond, CEO of Pacific Prime, welcomed this move, “CXA Group has expertise that we can benefit from, particularly in using technology to transform the employee benefits landscape. I believe this makes us the third biggest employee benefits broker in Singapore and Hong Kong after the mergers of Aon-WTW and Mercer-JLT. This acquisition propels us towards our long-term objective of being the leading global employee benefits specialist.”

Rosaline Chow Koo, CEO of CXA Group, said, “We’re confident to leave our Hong Kong and Singapore brokerage arms with Pacific Prime, as we share the same commitment to being technology-driven.”

Historically, Pacific Prime has built all of its own insurtech in-house; 15% of its 600 staff are IT-focused. This insurtech approach has been largely responsible for Pacific Prime's growth over the past decade. The technology it is acquiring as part of the CXA deal is extremely complementary to Pacific Prime's in-house technology, and will allow Pacific Prime to offer employee benefits flex solutions to large multinationals, as well as smaller SMEs.

The acquisition will serve to bolster Pacific Prime’s employee benefits and compensation technology, enabling global HR teams to simplify plan administration across multiple jurisdictions and leverage valuable insights from data, as well as streamline total rewards management.

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iPMI Magazine publishes daily regular breaking international private medical insurance and emergency medical assistance industry news, reports, features and business intelligence for expatriate, business and leisure travel markets globally.

The latest iPMI industry news, commentary, data and analysis from executive appointments and movements, company results and awards, new IPMI plans cover and products, risk management, disaster recovery and preparedness, information technology, travel warnings, air ground ambulance and medical transportation, international medical and travel assistance, third party administration, medical cost containment, medical claims management, international hospital and clinics, reinsurance, mergers and acquisitions, expat life and expatriate healthcare insurance, travel and travel insurance plus aviation and airlines - we have you covered.