Following approval from the UK Competition and Markets Authority, AXA-PPP has now completed the transaction for Simplyhealth’s PMI business.
Transfers for existing customers are likely to begin towards the end of 2015 and 2016, Simplyhealth will be writing to all policyholders to confirm details of the acquisition, and when policies will transfer over to AXA-PPP, this is very likely to be at renewal of each policy.
AXA-PPP first announced this acquisition in May of this year, which was followed closely by news of them acquiring The Permanent Health Company (PHC), another PMI provider. Following these two deals, it is estimated that AXA-PPP now holds a 29% share of the UK PMI market.