Premier Choice Healthcare acquires two books of PMI business
Owners to become PCH brand ambassadors post-completion
Premier Choice Healthcare (PCH), the health insurance intermediary owned by GRP, has announced two acquisitions, Visibly Financial Services (trading as Visibly Health) and, separately, a book of business controlled by Gill Nicholson, a self-employed consultant.
The deal follows similar dual acquisitions for PCH, with two in August and two in November last year.
The two businesses operate in the health insurance space, and PCH is buying the portfolios of customers for both.
Visibly Health, which is Cambridge-based, is led by Debbie Jones and focuses on private medical cover for SME businesses. Debbie will join PCH post-completion as a brand ambassador to enable her to assist PCH with customer retention as well as sales growth.
Gill Nicholson is based in County Durham and has been a consultant for PCH for the previous 11 years. After completion, Gill will step back from the day-to-day management of her portfolio but, like Debbie Jones, will also become a PCH brand ambassador post-completion.
Stephen Hough, PCH managing director, explained that a PCH consultant will manage the Visibly Health SME portfolio and an adviser within Equity Health Solutions (Specialist Consumer PMI division of PCH) will look after the private clients.
“Visibly Health is a well-run, successful private healthcare intermediary with an experienced leader in Debbie Jones. I’m pleased that she will continue to support the portfolio in the future.”
“This is an important acquisition for PCH, and we are keen to talk to other entrepreneurs in our sector looking to take some value from their life’s work.”
Turning to Gill Nicholson’s portfolio, which comprises PMI insurance and employee benefits, of which 93% relates to SME businesses, Mr Hough said: “This deal fits with our broader strategy of buying businesses and portfolios from within our existing network. Moreover, it’s great that we are able to capitalise on Gill’s skills, experience and track record in building a successful portfolio in the PMI sector.”
“We are keen for self-employed consultants and ARs to see PCH as the best possible home for them as a platform on which to grow. In addition, once they are looking to step back and retire, they can optimise the value for their business through a seamless sale to PCH.”
About Premier Choice Healthcare
PCH is a specialist healthcare intermediary providing a full suite of health insurance, group risk and protection products, including private medical, dental, income replacement, business protection and term assurance, to SMEs and individuals.
The company, founded in 1996, has built a strong reputation in the healthcare marketplace and now controls over £80m of GWP. It is now based in five UK locations (London, Towcester, Bournemouth, Bristol and Preston) and has 64 employees.
In June 2020, it was acquired by GRP as the Group’s Health and Employee Benefits hub.
About Global Risk Partners
GRP operates retail broking, specialist MGA, network and Lloyd’s businesses, enabling the business to serve the growing insurance and risk management needs of its clients. GRP is an operating unit of Brown & Brown, Inc.’s Retail segment.
About Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With more than 14,500 teammates in 450+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbrown.com.
This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.
Information: Ben Welsh 07568 382040