Skipton Building Society in deal to sell Private Health Partnership
SKIPTON Building Society has sold its Private Health Partnership operation to the UK’s largest independently owned actuarial, pensions administration, investment and financial advisory organisation.
The acquisition of Baildon-based PHP for an undisclosed sum by Punter Southall Group sees it become part of a business which has £110m turnover, 850 staff and £12bn of funds under management.
The move, through Punter Southall subsidiary Punter Southall Health & Protection Consulting (PSHPC) expands its presence in the north of England and its range of services.
PHP is one of the largest independent private medical insurance intermediaries in the UK, It’s 70 staff in Baildon in West Yorkshire and its businesses in Chester in Cheshire and Farnham in Surrey will be retained as new growth and development opportunities are pursued.
PSHPC has grown strongly over the last six years and also bought Enrich Reward in March 2013. This latest development means the business now advises more than 700 corporate clients and 7,500 SME and personal lines clients, worth more than £150m in insurance premiums.
PHP management backed the sale, which has been approved by the FCA.
PSHPC managing director John Dean said: “The fit between our two businesses is almost perfect. PSHPC is recognised for its market-leading delivery of creative employee healthcare, wellbeing and protection insurances. PHP specialises in healthcare insurance and pioneering medical services.
“The routes to the market place are also complementary. PSHPC originates from an employee benefits and actuarial background, whereas PHP’s has evolved through key introducers and trade associations.
“The new, combined business will fully service the whole UK corporate and personal lines market with a robust and extended set of innovative health-related propositions.”
Dean added that PHP’s propositions include Red Arc Assured and Medical Care Direct, specialist services for patient-centred case management and medical treatment sourcing respectively. PSHPC’s include Gladis – a platform for managing protection benefits –and Healthsmart, an integrated absence management service.
PHP Group’s managing director Jan Lawson, said: “We are delighted to be joining forces and look forward to a dynamic future. The scale, technology, expertise and influence of the combined specialist business will deliver significant additional value for our existing and new clients.”
Skipton Building Society, the UK’s fourth largest society, became majority shareholder in PHP in 2002. Skipton Group chief executive David Cutter said: “We are pleased with the way we have been able to develop PHP since it has been part of the Skipton Group, in collaboration with its management team.
“However, the new collaboration with Punter Southall offers an opportunity not to be missed for The Private Health Partnership. We will look forward to seeing it flourish in the years to come.”
Earlier this year, Punter Southall Group’s institutional investment arm, P-Solve, merged with asset manager River and Mercantile Group to float on the stock exchange.
Punter Southall Group was founded in 1988 by Jonathan Punter and Stuart Southall and provides a unique range of services including actuarial consulting, administration, employee benefits consulting, independent financial advice and investment services for pension funds, corporates and individuals.
