Cash plan provider Health Shield is buying PMI ecess and shortfall protection provider Medex Protect for an undisclosed fee.
The deal adds another product to Health Shield’s existing range, enabling the provider to offer standalone PMI excess cover whether companies have a cash plan in place or not. For Medex Protect, the deal brings a greater depth and range to its skills base and distribution channels.
Matthew Kelvie & Jason Dunks, the directors of Medex Protect, who established the company in 2013, have over 40 years’ collective experience in the health insurance industry. The firm was established with the aim of driving innovation and enhanced value in a sector that has seen reduced choice over recent years thanks largely to pressures caused by medical inflation.
The add-on policy refunds the excess clients pay if and when they make a claim on their PMI policy. It also provides reimbursements – up to policy limits – for shortfalls when a hospital or consultant charges over and above private medical insurers’ guidelines.
Medex Protect will use the Health Shield brand in due course. The team will move from their current base in Wilmslow, Cheshire to join the Health Shield team in Crewe after Christmas.
Health Shield chief executive Jonathan Burton says: “Medex Protect is a well-respected organisation with a product that represents a perfect fit for Health Shield. Whilst health cash plans provide valuable PMI excess cover, we appreciate that not every company wants a cash plan but they still want to cover their PMI excess. This deal will allow us to help them do just that.”
Medex Protect Director Jason Dunks added: “Medex Protect provides 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 IPT 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.”
