April Group has acquired Expat & Co, an independent provider of international private medical insurance (IPMI) for expatriates in Belgium.
The move is the first in the company’s declared strategy of growing its IPMI operation.
In an exclusive interview with Health & Protection earlier this month, April Group CEO Eric Maumy said the provider was looking to double its international private medical insurance (IPMI) business in the next four years and expects to be active in acquiring other providers as well.
Expat & Co has a customer base made up largely of universities, individuals and companies, including multinationals based in several European countries.
The firms said it was a significant player in the international student market and was ranked in the top three insurers in Europe for Erasmus university projects.
April said: “Through this acquisition, April International is strengthening its presence on the European continent in a high-potential expatriation and international mobility market, and enhancing its portfolio of healthcare solutions and products.”
April Belgium started operations in Brussels in 2018, working with a network of several hundred brokers and leading insurance partners.
Expat & Co’s management will remain in place following the deal.
Eric Maumy, chairman of April Group, said: ”We are delighted with this new acquisition in Belgium, which represents a further step forward and confirms our ambitions to become an international champion in insurance distribution.”
Isabelle Moins, CEO of April International for Europe, said: “Following our recent establishments in Dubai and Germany and targeted acquisitions over the last two years in Asia, we are continuing with Expat & Co our expansion in our core business of IPMI.
“Belgium is a dynamic market with great potential, thanks to its rich ecosystem of European and global organisations and companies.
“Expat & Co is a recognised player among expatriates and students and I look forward to working with Filip Declercq and his team to continue to develop our business.”
Filip Declercq, founder of Expat & Co, (pictured) said joining the April group opened-up new prospects for the business and would allow it to continue growing in its market.
“It gives us the resources to meet the challenges facing the insurance sector, such as digitalisation and regulatory changes,” he said.
“With April, we become part of a family of 2,400 people. Expat & Co is thus moving from the start-up phase to the scale-up phase in a single step.”