Willis Promises to Shake Up the UK Human Capital & Benefits Market as Acquisition of PMI Health Group Completes
LONDON, UK, October 12, 2015 – Willis Group Holdings plc (NYSE: WSH), the global risk advisory, re/insurance broking, and human capital and benefits firm, has today announced the completion of its acquisition of PMI Health Group (PMIHG), a leading independent healthcare adviser and broker in the UK.
PMIHG will operate as Willis PMI Group whilst the business integrates with Willis Employee Benefits over a six month period.
The deal, which was first announced in July this year, will bring greater depth and range to Willis’ service offering and skills base, allowing the business to deliver on its recent pledge to bring a radical new approach to the UK employee benefits market.
PMIHG offers a range of award-winning health and protection services in the UK with a specific focus on absence management, occupational health, and managed care services. One in five of its 128 staff is medically trained. Willis is a respected global leader in human capital and benefits, risk, and re/insurance.
Both organisations enjoy a track record of exemplary client service, with a focus on helping organisations drive efficiencies through integrated approaches to interventions.
In addition to his role as CEO of Willis Employee Benefits Ltd, Tony Powis will become Chairman and CEO of Willis PMI Group.
He 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.
“Both businesses have exceptionally talented individuals which will enable us to take a game-changing approach to employee benefits, helping companies to turn business strategy into results through their people. To this end, we’ve designed an innovative and compelling proposition and, together with PMI Health Group, we’re now in a position to start shaking things up with new solutions being delivered in the New Year.”
Richard Munro, Managing Director of Willis PMI Group, said: “The health insurance sector is changing, presenting new opportunities for both insurers and intermediaries. With Willis, PMI Health Group can now provide a wider range of benefits to clients, wherever they are located in the world, whilst delivering the high levels of service expected by our clients and of which we are extremely proud. I am looking forward to working with Tony and the team at this exciting time.”