CEGA, the medical assistance and claims handler, is to be bought out by management, led by Alistair Hardie, group chief executive of CEGA.
The buy-out aims to support plans to invest in the business to support growth and innovation.
Hardie joined CEGA in January, having been in the insurance and corporate sectors for 30 years, and having previously been CEO of CIGNA's individual health life and accident business.
Prior to that Hardie was part of FirstAssist's management team when it was acquired by CIGNA in 2011.
The buy-out has received funding from NatWest and the management team will remain unchanged, while Graham Ponsford, one of the original founders, will remain as non-executive chair.
Ponsford said: "I am delighted with this outcome. At the core of CEGA is exceptional customer service and commitment to our clients; knowing that the management team will continue to drive CEGA's growth by building on this is the best possible result."
Hardie said: "CEGA has grown strongly over the last few years and with this support from NatWest, which brings additional focus and opportunity for the management team to drive further expansion, we can continue to build on our first class customer service, delivering increased innovation for our Insurer and Corporate clients, and implement our plans to establish an international footprint."