LONMAR agrees terms to sell MGA to specialist intermediary
APRIL Medibroker, the specialist international private medical insurance (iPMI) intermediary, is to acquire MediCare International, the expatriate health cover provider and subsidiary of LONMAR Global Risks.
Terms have been agreed between APRIL Medibroker and LONMAR, with the latter continuing to provide broking/placing services to MediCare through its specialist Accident & Health division.
Following the acquisition, MediCare will continue to operate from its current premises in Aldgate, London, under the managing directorship of Debbie Purser.
MediCare is a managing general agent operating with an underwriting facility from Lloyd’s Underwriters and the company market. It has operated within LONMAR and its predecessors since 1993.
LONMAR chief executive Simon Rice said the sale is a “positive step” for his organisation, which enables it to generate a “good return” on a standalone business while maintaining a “productive relationship” with MediCare and its new owners.
He said: “This change of ownership will allow MediCare to build on its strengths in a very competitive market, with a new owner more closely aligned with the private medical insurance sector.”