Skipton Building Society has acquired an 85% shareholding in The Private Health Partnership Ltd – an independent healthcare intermediary – bringing the total number of subsidiaries within the Skipton Group to 16.
PHP was founded as a partnership in 1988 and operates from its headquarters in Otley, West Yorkshire. Its team of 12 staff, including founders Jan Lawson and Peter Bye, provide advice on a full range of private medical and dental insurance to companies and individuals.
The private medical insurance market has the highest claims ratio in the industry with one in three claims on policies every year. With employee sickness costing British industry £13 billion per year, it is essential that companies as well as individuals have insurance provisions in place.
PHP's specialist knowledge in this field and access to all insurance company products currently available in the PMI market ensures that clients receive detailed, tailored quotations. In addition, it provides ongoing administration, claims services and advice for its members.
The incorporation of PHP into the Skipton Group will further increase the scope of services available to Skipton customers while 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. The Society has been one of PHP's clients for many years so we know first hand that it is a sound business, managed by experienced and respected individuals within the industry. I am delighted to welcome them into Skipton's thriving group of companies.”
Whilst PHP will now report to the Skipton's main board of directors, it will continue to be run as an independent intermediary and will retain its brand. As part of the Skipton Group, PHP intends to develop new financial healthcare products.
Jan Lawson, managing director of PHP, says: “Our strength and focus has always been to make our clients the priority by providing a personal service with totally impartial advice. Informed choice is crucial because it can be bewildering with over 20 insurers in today's market. We have built the business to a point where our ambitions can be better achieved as part of a larger group. In Skipton, we have not only found a strong partner who can provide the necessary financial muscle and support but importantly has the right culture – placing the customer first.”