Global risk advisor and insurance broker Willis Group has completed the acquisition of UK-based healthcare adviser and broker, PMI Health Group (PMIHG).
The terms of the deal, which was first announced in July this year, have not been disclosed.
The acquired business will operate as Willis PMI Group following a six month integration with Willis Employee Benefits.
Willis PMI Group managing director Richard Munro said: "The health insurance sector is changing, presenting new opportunities for both insurers and intermediaries."
Founded in 1986, PMIHG provides employee healthcare and risk management services in the UK.
The firm offers a wide range of health and protection insurance, including services targeting absence management and occupational health.
PMIHG provides clients with health and protection insurance broking services, health and protection insurance and benefits consultancy, nurse-led claims and premium management services.
Tony Powis will serve as chairman and CEO of Willis PMI Group, in addition to his role as CEO of Willis Employee Benefits.
Powis said: "The market is crying out for a new way of thinking, thanks to a combination of challenges facing companies today in terms of an ageing society, healthcare inflation and social fiscal pressures, not to mention changing workforce attitudes and demands.
"Even though the employee benefits industry tends to be fragmented and siloed in nature, most organisations are keen to understand what their unique employee risks are and how to manage and mitigate them in a joined-up manner."
With around 18,000 employees in more than 400 offices, Willis provides market-leading products and professional services in risk management and transfer.
Image: Willis building in London. Photo: courtesy of Colin.