Insurer AXA has entered into an agreement to sell its whole of market intermediary, The Health Insurance Group, to US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP).
The two companies will acquire the healthcare broker into a jointly owned entity Nevada Investments Topco.
The Health Insurance Group provides health and wellbeing solutions to both individuals and businesses. Both HPS and MDP have a growing portfolio of broking brands, including a major shareholding within The Ardonagh Group.
AXA said the transaction is expected to complete in the second quarter, subject to regulatory approvals.
Keith Gibbs, chief executive of AXA PPP healthcare, commented: “The Health Insurance Group joined AXA in 2008 and, in the past ten years, has formed a strong part of our business. However, as part of AXA’s strategy in the UK, we have concluded that whole of market intermediaries who offer advised sales are best placed within businesses focused on distribution, and this transaction will allow The Health Insurance Group to form part of a portfolio of leading broking businesses. We look forward to continuing to work closely with THIG to provide AXA PPP solutions for their customers.”
Matthew Raino, managing director, MDP, said: “We can confirm we are currently finalising the purchase of The Health Insurance Group from AXA. As an award winning independent health insurance and wellbeing broker with a strong track record of growth, this will be an ideal addition to our growing portfolio of UK insurance assets.”
Health Insurance, Acquisition, broking, AXA, The Health Insurance Group, Keith Gibbs, US