AXA UK has received clearance from the UK Competition and Markets Authority (CMA) for the acquisition of Simplyhealth’s private medical insurance (PMI) business. The acquisition, announced in May, will see AXA PPP healthcare acquire the private medical insurance (PMI) business of Simplyhealth. Following today’s clearance, completion of the acquisition is expected to be 1 August.
Keith Gibbs, Chief Executive, AXA PPP healthcare said:
“We were presented with an opportunity to significantly increase the number of customers we serve in the UK. We are delighted that the CMA has concurred with us that this transaction will be good for customers and good for the market, and can now progress to completion of the deal and a successful and smooth transition for Simplyhealth’s PMI customers and employees.
The acquisition will enable us to build on both organisations’ deserved reputations for outstanding service and will enable us to offer customers an even broader range of services and support”.
In addition to purchasing the Simplyhealth House property in Bristol, the acquisition will see all of Simplyhealth’s employees in the PMI business transfer to AXA PPP healthcare and they will continue to serve their customers as the two businesses come together. AXA PPP healthcare intends to start transferring the underwriting of Simplyhealth’s PMI customers from the end of 2015 and is fully committed to maintaining excellent service and uninterrupted cover for all customers.
Full press release on www.axa.co.uk