The Private Health Partnership has acquired Red Arc, the care advisory service company, through a 75% shareholding.
Red Arc provides care and advice to people with serious illness or disability and it has developed a range of services which either standalone or are included within protection products.
It will be a subsidiary of PHP – part of Skipton Building Society Group – and will retain its own separate brand identity, with Jan Lawson, managing director of PHP, becoming Red Arc’s chairman.
Richard Thomas, managing director of Red Arc, will continue in his role with overall day-to-day management control.
PHP says it will look at further acquisition opportunities in the future and is interested in talking to businesses with medical insurance portfolios which may be considering a sale, including intermediaries looking to retire.
Lawson says: “This business is very complementary to our own, especially having the same ethos, and we can see excellent cross-selling opportunities for the benefit of both organisations. Being in a unique position means Red Arc has no real competitors which is also extremely attractive.”
The acquisition is PHP’s fifth since September 2003.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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