Yorkshire-based broker the Private Health Partnership (PHP) is on the acquisition trial for private medical insurance (PMI) brokers facing difficulties complying with FSA regulations.
The specialist healthcare intermediary, which is 85%-owned by Skipton Building Society, has bought eight PMI brokers in the past six months. It is also in the final stages of negotiation with a London-based broker in a deal worth £250,000.
PHP director Peter Bye said: "What we are seeing is a lot of brokers selling their PMI book of business because the cost of FSA compliance is outweighing the income they are getting on commission for the business.
"What is worrying is the lack of knowledge about FSA rules. Many brokers and IFAs say they will just keep renewing existing business, so they don't need to be compliant. We all know that is blatantly wrong - if you do business in this market you need to be compliant."
Bye said the acquisitions were of various sizes from "the 150 corporate clients to the small schemes of only ten to 15 private clients".
PHP has a gross written premium of £13m-£14m but Bye said the broker could "absorb up to £20m without feeling the strain". Two of its largest clients for executive health schemes are P&O Ferries and the Catholic Church for its UK-based priests.
The company is keen to hear from any PMI brokers, locally or nationally, which wanted to sell up. "We have no county barriers. Our parent group Skipton have given us money to spend," he added.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
