Resolution, and its subsidiary life company Friends Provident Life and Pensions, has completed the acquisition of Bupa Health Assurance (BHA).
The deal, which comprises Bupa’s group risk and individual protection businesses, was first announced on 15 October 2010.
It is intended that BHA will be run as a stand-alone entity for approximately nine months before being integrated with Friends Provident.
Steve Payne, chief executive of BHA, will continue in his role and be responsible for the day-to-day management of BHA operations. Payne will report directly to Trevor Matthews, CEO of Friends Provident. All employees working in the BHA business will transfer to Friends Provident as a part of the deal.
The deal does not impact Bupa’s health insurance business or any other insurance products offered by Bupa. Bupa’s group risk and individual protection will continue to trade under the Bupa brand for a period of up to nine months during the businesses transition.
Dr Natalie-Jane Macdonald, managing director at Bupa Health and Wellbeing, the former parent company of BHA, said: “At Bupa, our priority is to provide our customers with quality healthcare products and services.
“Our decision to sell BHA supports our focus on healthcare and allows BHA to benefit from becoming part of a business which is committed to the risk and protection sector.
“Now the deal has completed, we can begin to work with Friends Provident to explore potential distribution arrangements for our respective products.”
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