The proposed acquisition of CS Healthcare’s private medical insurance (PMI) business by Bupa took another step closer to completion this week when it was approved by the friendly society’s members at its AGM.
The proposed transition – first revealed by HI&P in August and still to pass normal regulatory approval procedures – means that the healthcare of the members of CS Healthcare will now be managed by Britain’s largest PMI provider.
CS Healthcare has approximately 18,500 customers and was established to provide health insurance cover for members of the UK Civil Service, although its remit has since extended to other public sector workers.
It is thought that over the last few years, CS Healthcare has been impacted by rising healthcare and administration costs and increased costs of regulatory compliance, resulting in premium increases.
It is hoped that the deal will make cover more sustainable for members in the years to come.
CS Healthcare Tom Gidaracos said: “We are pleased to announce that the proposal to transfer CS Healthcare’s business and members to Bupa was overwhelmingly approved at our AGM.
“The majority of our members who voted approved the proposed transfer, which is a positive step towards helping secure the long-term future of our members’ health insurance. We are grateful to all our members who engaged or participated in this process.”
Bupa UK Insurance CEO Alex Perry said he was “delighted” by the decision by CS Healthcare members to approve the transfer.
Perry said: “This is an important milestone and offers CS Healthcare members reassurance over the sustainability of their health insurance and greater access to health and wellbeing benefits to support their physical and mental health.”
The transfer is due to complete on 1 January 2021.