Healthcare International (HCI), an international private medical insurance managing general agent for expats, has been acquired in a management buyout backed by investment firm Prefequity and led by CEO Ian Wood.
As part of the deal Prefequity, who first bought into the business in 2018, will provide HCI with additional funds to accelerate growth into Asia and other key IPMI markets, enabling it to strengthen its management team, expand and diversify its product range and enhance strategic partnerships with intermediaries and insurers.
The deal also sees founders, Shane Younger, Christopher Percival and Kieran Linehan retire from the business after 17 years of service.
The firm’s new management team comprises chief operating officer Andy Kirby, a former head of underwriting and claims at Axa and head of insurance at Virgin Money and Wood who is a qualified chartered management accountant who has been with the firm for 18 months.
Commenting on the deal, Wood said: “We are delighted to have secured Prefequity’s backing for our growth plans.
“This will enable us to bring new and improved products to the market to deliver even better value and service for our policyholders. We look forward to announcing further details in the near future.”
John Carew Pole, partner at Prefequity, added: “We have been impressed with the resilience and flexibility of HCI in the face of the pandemic.
“HCI is assembling a highly experienced and proven leadership team to drive the business forward and deliver a market-leading insurance service for expats.
“Ian has done a fantastic job to date and we are delighted to be backing him to execute the next phase in HCI’s journey.”
