Resolution has completed the acquisition of the Bupa Health Assurance Ltd (BHA) business comprising Bupa Group Risk and Bupa Individual Protection.
Initially, it is intended that BHA will be run as a stand-alone entity before being integrated with Friends Provident.
The addition of the BHA business confirms Friends Provident’s commitment to the group risk market and offers an extended product range (group life, group income protection, and group critical illness). It will also enhance Friends Provident’s individual protection offering.
International healthcare group Bupa sold its UK-based protection and risk business, Bupa Health Assurance Limited (BHA), to Resolution Ltd. The sale of BHA comes as part of Bupa’s strategic move to focus upon its healthcare businesses, including UK-based health insurance products and services.
The sale of BHA, which includes Bupa Individual Protection and Bupa Group Risk and was first announced in October, does not affect Bupa’s health insurance business.
Consolidation vehicle Resolution is unlikely to make any further acquisitions this year and will focus instead on generating returns from existing businesses, according to bankers and analysts. The company has completed three deals in the sector since it was launched in late 2008.
Life insurance news: 24 February 2011