Skipton acquires health insurance intermediary

Skipton Building Society has today acquired a new subsidiary in the shape of an 85% shareholding in the Private Health Partnership (PHP) – an independent healthcare intermediary.

PHP was founded in 1988 and operates from its headquarters in Otley, West Yorkshire. It provides advice on a full range of private medical and dental insurance, to both companies and individuals.

With employee sickness costing British industry £13 billion per year, Skipton anticipates plenty of business from companies that want cover in place.

The incorporation of PHP into the Skipton Group will increase the scope of services available to Skipton customers whilst at the same time benefiting the society and group.

John Goodfellow, chief executive and director at Skipton Building Society says: “PHP represents an opportunity to establish a foothold in this niche market whilst further complementing the home and life insurance services Skipton already offers.

“The Society is able to use profits generated by its subsidiary companies to provide long term value for its members, which is reflected in our interest rates. This is another way for Skipton to remain a competitive force within the financial services arena.”