IFA firm Private Medical Limited (PML) has sold its private medical insurance (PMI) book to rival in...
IFA firm Private Medical Limited (PML) has sold its private medical insurance (PMI) book to rival intermediary Preferred Medical Limited.
According to PML, the transfer of the PMI portfolio ' which went through on April 8 ' was prompted by the firm's decision to concentrate more heavily on employee assistance and occupational health. The move will increase Preferred's premium value to around £9m.
Craig Matthews, managing director of PML, explained the reasons behind the transfer: 'The emphasis of our business is changing, we are seeking diversification into the employee assistance and occupational health markets. The sale of our traditional medical insurance book removes any conflict of interest that may have been perceived by our intermediary partners moving forward.'
Preferred was formed in 1995 and transacts business in both the corporate and individual markets. It has more than 5,000 clients on its books. Both firms anticipate the transfer of clients will be seamless.
