AXA sells whole of market healthcare broker to PE firms

French insurer AXA has entered into an agreement to sell its whole of market intermediary, Health and Protection Solutions, trading as The Health Insurance Group.

US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP) will acquire The Health Insurance Group into a jointly owned entity - Nevada Investments Topco. Both HPS and MDP have a growing portfolio of UK broking brands, including a major shareholding within The Ardonagh Group.

The Health Insurance Group is a leading whole of market healthcare broker, providing health and wellbeing solutions to both individuals and businesses.

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 focussed 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.”

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