AXA PPP healthcare has reached an agreement with The Permanent Health Company Ltd (PHC) to acquire its private medical insurance (PMI) business, subject to regulatory approval.
This is the second high-profile deal that AXA PPP has announced as last week the insurer confirmed plans to buy Simplyhealth's PMI business.
PHC will continue to operate independently and maintain its intermediary and client support services from its Rickmansworth base.
AXA PPP said the the acquisition will strengthen its presence in the intermediary healthcare market.
John Stafford, PHC's managing director for the past 20 years, is to retire within a few months.
He is to be succeeded by Nye Jones, who has spent over 30 years working for Guardian, AXA PPP healthcare and, more recently, Partnership Assurance and Bupa.
Stafford and Jones will be spending the next few months working closely together to effect a smooth transition of the business' leadership, AXA PPP confirmed.
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