Part of a strategy to increase its presence in the healthcare market, the acquisition of PHSA will enhance economies of scale within Engage Mutual’s existing health cash plan business, and add 13,000 new healthcare customers.
Both organisations share ethical values and a commitment to customer service. PHSA was the first insurance company in the UK to receive the Ethics Mark in recognition of its fair business conduct.
Engage Mutual’s chief executive, Andrew Haigh, commented:
“We welcome PHSA customers and staff to an established and growing organisation which has a dedicated customer centric approach they will no doubt be familiar with, and we look forward to continuing with the same high standards. ”
“The acquisition of PHSA is another milestone in our progress as a customer owned business to increase our presence in the healthcare market, which is part of a long term strategy to offer a comprehensive range of simple, relevant products to assist families with their financial planning.”
Engage Mutual currently provides life insurance, savings and investments, and health cash plans. Health cash plans provide cash back on everyday health expenses, such as dental, optical and therapy costs, helping families meet the costs of everyday healthcare.
The acquisition of PHSA follows Engage Mutual’s announcement in August that it was entering into a transfer of part of the long term insurance business of Ecclesiastical Life Limited, as part of a strategy to continue to grow and strengthen its business. The proposed transfer to Engage Mutual is due to complete later in the year.
Customer numbers at the Mutual have increased for each of the past 12 consecutive years and following the acquisition of PHSA now number 457,000.