Bupa’s acquisition of CS Healthcare’s private medical insurance (PMI) business has received final regulatory approval for it to go ahead on 1 January 2021.
The Prudential Regulatory Authority (PRA) published its approval, which follows clearance from the Competition and Markets Authority and the Channel Islands Competition and Regulatory Authorities. It follows the “overwhelming” vote in favour of the move by CS Healthcare’s members at its AGM earlier this year.
It means that Bupa’s PMI portfolio will grow by around 17,500 members.
Established in 1929, CS Healthcare is a friendly society was originally set up to provide private medical cover to members of Britain’s civil service, although membership eligibility criteria have expanded since then.
It said it had made the decision to sell its PMI business to Bupa as it has been impacted by rising healthcare and administration costs over recent years, as well as increased costs of regulatory compliance.
Alex Perry, CEO, Bupa UK Insurance, said: “We’re very much looking forward to welcoming CS Healthcare’s members and people to Bupa on 1 January 2021.
“The transfer offers a number of benefits to CS Healthcare members, including reassurance over the sustainability of their health insurance, enhanced policy benefits and greater access to health and wellbeing benefits to support their physical and mental health.”