Global healthcare provider International Medical Group (IMG) is to launch a European health and travel product aimed at the expatriate community.

The US-based insurer is seeking to capture 10% of the estimated £500m market within five years.

The new product will be distributed exclusively through the broker channel, with an initial commission rate of up to 25%, dropping to around 5% on renewal.

IMG managing director Carl Carter said: "What we are looking at doing is offering a product backed up by the infrastructure already in place through our American parent.

"The product will feature a number of add-ons including life, personal accident, dental cover and a cashplan."

IMG plans to launch GlobalSelect in November and is currently conducting a series of roadshows around the country to present the new scheme to brokers.