Willis Group Holdings plc announced the completion of its acquisition of PMI Health Group (PMIHG), a leading independent healthcare adviser and broker in the UK.
PMIHG will operate as Willis PMI Group while the business integrates with Willis Employee Benefits over a six-month period, the company said.
The deal, which was first announced in July this year, will bring greater depth and range to Willis’ service offering and skills base, allowing the business to deliver on its recent pledge to bring a radical new approach to the UK employee benefits market, Willis said in a statement.
PMIHG offers a range of health and protection services in the UK with a specific focus on absence management, occupational health, and managed care services. One in five of its 128 staff is medically trained.
In addition to his role as CEO of Willis Employee Benefits Ltd, Tony Powis will become chairman and CEO of Willis PMI Group.
“The market is crying out for a new way of thinking, thanks to a combination of challenges facing companies today in terms of an ageing society, healthcare inflation and social fiscal pressures, not to mention changing workforce attitudes and demands,” he said.
“Even though the employee benefits industry tends to be fragmented and siloed in nature, most organizations are keen to understand what their unique employee risks are and how to manage and mitigate them in a joined-up manner,” Powis continued.
“Both businesses have exceptionally talented individuals which will enable us to take a game-changing approach to employee benefits, helping companies to turn business strategy into results through their people,” he noted.
“To this end, we’ve designed an innovative and compelling proposition and, together with PMI Health Group, we’re now in a position to start shaking things up with new solutions being delivered in the New Year.”
Richard Munro, managing director of Willis PMI Group, said: “The health insurance sector is changing, presenting new opportunities for both insurers and intermediaries. With Willis, PMI Health Group can now provide a wider range of benefits to clients, wherever they are located in the world, while delivering the high levels of service expected by our clients…”
Source: Willis Group Holdings
Topics Mergers & Acquisitions Trends
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