Willis swoops for PMI Healthcare
CHESHIRE private medical insurance broker and adviser PMI Health Group has been bought by Willis, the US-based risk advisory and human capital benefits provider.
Financial terms of the sale of the business based at Wincham near Northwich, were not disclosed.
PMI has 128 employees and in the year to the June 2014 made profits of £2m on revenue of £10.7m.
Willis said the transaction would “significantly raise” its presence in the UK employee benefits and healthcare market, and will add greater depth and range to its product offering and skills base.
PMI was founded in 1986 and is the UK’s largest independent provider of employee healthcare and risk management services. It offers a range of health and protection insurance, including services targeting absence management and occupational health.
Nicolas Aubert, chief executive of Willis GB, said: “This deal is a major step forward for our human capital and benefits business, and offers strong synergies and future strategic opportunities. Both Willis Employee Benefits and PMI Health Group are recognised for their expertise and outstanding client service, and uniting these two wholly complementary businesses will enhance our competitive edge further.”
Matthew Baldwin, chief executive of PMI Health Group, whose father Christopher founded the business, added:”PMI Health Group has become a leading adviser in the employee healthcare market by having a great team and a unique proposition. We work to keep organisations and employees fit for business through the delivery of employee healthcare advice and services, nurse-led claims management and occupational health services.
“Joining with Willis will bring significant strategic opportunities and enable the PMI Health Group team and proposition to be an integral part of a growing, exciting and international business to service our clients.”
The deal is subject to regulatory approval and is expected to close in Q3 2015. After completion, PMIHG will use the Willis brand and maintain its current base in Wincham, Cheshire
PMI Healthcare was advised on the deal by a team from Rothschild in Manchester, led by Greg Cant and including Omaier Akhtar and James Wigglesworth.
