Morgan Price International Healthcare has exited the international private medical insurance market after selling its portfolio to XN Global for an undisclosed sum.
The deal comes just weeks after Kevin Melton joined XN Global Health Insurance as senior vice president, IPMI (international private medical insurance) – portfolio growth and business development.
The deal brings an established portfolio into XN Global’s growing international health insurance business. It was bought with the intention of building a sustainable proposition for brokers and their clients.
Under a long-term servicing agreement, Morgan Price will continue to service the portfolio.
Existing policies, benefits, servicing arrangements and points of contact will remain unchanged, with no action need following the deal.
And for Morgan Price brokers, partners and insured members, it remains business as usual.
XN Global chief executive Cesar Moufarrege said: “This acquisition represents an important step in the continued development of XN Global and reinforces our long-term commitment to the international private medical insurance market.
“Our immediate priority is continuity for Morgan Price brokers, partners and insured members.
“Looking ahead, we see a strong opportunity to build on the established Morgan Price portfolio by bringing together specialist expertise, international capabilities and long-term investment.”
Morgan Price International Healthcare managing director Jon Carpenter described the deal as an important next chapter for the insurer and its clients.
“Throughout this process, continuity has been a key priority, and we are pleased that our brokers and insured members will continue to be supported by the teams and relationships they know today.
“Joining XN Global provides a strong platform for the future, combining the foundations we have built at Morgan Price with the resources and capabilities to support the portfolio’s continued development.”
Health & Protection had contacted Morgan Price for comment.