Insurance broker Willis to acquire PMI Health Group
Global insurance broker and employee benefits group Willis has agreed to acquire PMI Health Group (PMIHG), a leading healthcare adviser and broker in the UK.
Willis said the deal, the value of which has not been disclosed, would “significantly” extend its presents in the UK employee benefits and healthcare market, and add to the depth of its product offer and skills base.
PMIHG, which will adopt the Willis brand but continue to operate from its current based at Wincham in Cheshire, employs 128 people.
Nicolas Aubert, chief executive of Willis GB, said: “This deal is a major step forward for our human capital and benefits business, and offers strong synergies and future strategic opportunities.
“Both Willis Employee Benefits and PMI Health Group are recognised for their expertise and outstanding client service, and uniting these two wholly complementary businesses will enhance our competitive edge further.”
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Tony Powis, chief executive of Willis Employee Benefits, added: “PMI Health Group is a leading healthcare adviser, with great people and a proven track record. This is a pivotal and exciting time for both businesses.
“Our combined team will provide the scale, technology and expertise to deliver innovative and compelling value propositions. Organisations of all sizes are struggling to manage their employee risks such as absenteeism and presenteeism, and we are determined to shake this market up through innovative propositions.”
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Matthew Baldwin, chief excutive of PMI Health Group, said: “PMI Health Group has become a leading adviser in the employee healthcare market by having a great team and a unique proposition.
“We work to keep organisations and employees fit for business through the delivery of employee healthcare advice and services, nurse-led claims management and occupational health services.
“Joining with Willis will bring significant strategic opportunities and enable the PMI Health Group team and proposition to be an integral part of a growing, exciting and international business to service our clients.”
Willis, which currently employs around 4,000 people in the UK, includiing a major presence in Ipswich, is a member of the EADT/EDT Top 100 listing on the 100 largest companies in Suffolk and Norfolk.
In April, it announced a shake-up across its UK operations which it warned could see up to 350 jobs being cut under plans to relocate some functions to lower cost locations including India.
However, Willis said it expected the overall effect on numbers in Ipswich to be positive, with other roles like to move to the town from locations including London.