French insurer AXA PPP Healthcare has reportedly acquired UK insurance and protection provider Legal & General's private medical business.
According to IFAonline, the UK insurer is withdrawing from the private medical insurance (PMI) market at the end of February 2007, as a result of poor sales, which did not match its life business and confirmed its intentions to focus on its core housing and protection insurance business, where it has a stronger presence.
According to trade journal Health Insurance & Protection, under the agreement with AXA PPP Healthcare, Legal & General (L&G) PMI customers will have the option to join AXA PPP when their current policies expire.
IFAonline also reported that the majority of L&G policyholders will be covered on a similar AXA PPP Healthcare plan. In the event that this is not possible, customers will be offered the nearest equivalent AXA policy.
As of February 28, 2007, L&G will stop quoting new business, but will continue to process new applications until March 30, 2007. Existing policies will not be renewed after July 2, 2007 and will be transferred to AXA PPP, Health Insurance stated.