Global Benefits Group have advised policy holders that it has secured an agreement with MGEN and Trawick International to act as alternative carriers for European life, disability and health business and North American life, disability and medical insurance policies.
The move follows Global Benefits Group (GBG) Insurance Limited entry into administration at the end of last year after a last-ditch bid to rescue the international private medical insurance (IPMI) provider collapsed from a multi-million pound financial blackhole resulting in a shortfall in capital.
Since Global Benefits Group Insurance Limited entered administration it has since been providing updates to policy holders on the company website. This included this latest update which informed policy holders of the MGEN and Trawick agreements. The company provided policies for approximately 150,000 individuals when it entered administration.
GBG said: “VYV International Benefits, a branch of MGEN entirely dedicated to international health, life, travel and disability insurance are happy to assume the role of insurer for your policy. Policyholders should contact their broker/account manager to obtain a quote and transfer terms.”
It added: “MGEN have confirmed that wherever possible all rates, terms and conditions will remain unchanged.
“This new insurance solution is being supported by Trawick International who will assume full servicing responsibility for the life & disability business as well as administrative oversight and placement support for the medical business in Europe and North America.”
MGEN is A+ rated by Fitch and has been in operation since 1946. It offers a variety of solutions to expatriates and the globally mobile in the form of individual and group contracts and serves international corporate employees across a multitude of industries, NGOs, consulates, embassies and students around the world.
Trawick International has been a provider of international insurance, administration, and other assistance services for 25 years. It offers a full suite of products and services to globally mobile individuals and groups worldwide.
On Monday Health & Protection revealed administrators of Global Benefits Group Insurance Limited have completed the sale of GBG’s international education insurance segments to Bison Capital.