As a result of the acquisition, Health Shield will be able to add a complementary bolt-on service to its existing range of products, to enable clients to receive refunds for the excess they pay on their PMI policy and provide reimbursements, up to policy limits, for shortfalls when a hospital or consultant charges over and above private medical insurers’ guidelines.
The acquisition will allow Health Shield to extend the availability of standalone PMI excess cover to more organisations, and Medex Protect will be able to add to its skills base and distribution channels.
Medex Protect employees will relocate from their current site in Wilmslow, Cheshire to join Health Shield staff in Crewe after Christmas. Medex Protect will adopt the Health Shield branding in due course.
The terms of the transaction were not disclosed.
Jonathan Burton (pictured), chief executive officer at Health Shield, said: “Medex Protect is a well-respected organisation with a product that represents a perfect fit for Health Shield. [While] health cash plans provide valuable PMI excess cover, we appreciate that not every [organisation] wants a cash plan but they still want to cover their PMI excess. This deal will allow us to help them do just that.”
Jason Dunks, director at Medex Protect, added: “Medex Protect has built a strong name for itself in the intermediary market thanks to our great service and unique proposition. We provide extra protection and peace of mind for clients; in turn giving intermediaries the support to enhance PMI retention levels in light of the ongoing increases in [insurance premium tax] rates.
“Joining with Health Shield will bring significant strategic opportunities and enable the small team at Medex Protect and our proposition to be an integral part of a growing, innovative employee wellbeing business.”