ie group, which was known as SEC Group until March, is looking to acquire IFA businesses, including ...
ie group, which was known as SEC Group until March, is looking to acquire IFA businesses, including a private medical insurance broker and an employee benefits consultancy.
The financial services group, which already owns IFA Network, is also looking at buying a private client stockbroker.
Rupert Robson, chief executive of ie group, said: "We would never acquire a product provider since we are in the business of being an intermediary. We are looking to acquire intermediary businesses which are not in conflict with members of IFA Network. We have a good financing capability and much firepower".
Last month, ie group launched an IFA business focusing on PMI, ie health. It is aimed at giving financial advice on PMI to individuals, group schemes for large companies and affinity groups.
ie health said that BUPA and PPP have a combined 75% share of the PMI market and pointed out that those buying PMI could save more than 30% on their premiums by shopping around. It aims to provide a choice of suitable medical insurance cover in terms of benefit cover, price and hospitals and also compares the core benefits of various policies.
ie health pointed out that for a family of four with children under the age of 17, BUPA charges £120.80 per month for comprehensive cover with limits on its BUPA Care Plan. It added that for
a similar family, PPP charges £127.40 per month for comprehensive with limits cover on its Classic part one scheme. But ie health said Prime Health charges £83.53 per month for comprehensive with limits cover on Prime Care for a similar family while Cornhill Insurance charges £78.12 per month for similar cover on its Excel plan.
Other businesses in the ie group include tax management firm, Taxguard. The former SEC Group also used to include traded endowment policy market maker SEC, but the firm was closed down last year after advanced negotiations for a management buy-out fell through over the price.
