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PHP continues on aquisition trail

The Private Health Partnership Ltd (PHP), part of Skipton Building Society group, has acquired for an undisclosed sum, MLP Insurance Services Ltd (MLP).

This latest acquisition by PHP, will turn the group into one of the largest independent private medical insurance (PMI) intermediaries in the UK with over 7,000 clients and combined annual premium income approaching £30 million.

MLP has, over the last decade, established strong links within the trade association movement, managing nearly 50 different schemes including Association of British Travel Agents, Retail Motor Industries Federation, British Printing Industries Federation and National Association of Estate Agents. In view of these links, MLP is to retain its brand identity.

In the past three years, MLP added 14 new schemes while continuing to maintain existing trade association relationships to reinforce its position as the premier PMI intermediary within the trade association sector. Its tailor made schemes arrangee medical, dental and travel insurance, and cash plans, subject to each individual association's requirements.

PHP arranges a full range of PMI and dental insurances for the corporate and individual markets. Established in 1988, the company became part of the Skipton in 2002 and MLP is its second acquisition. In September 2003, the Valerie Levene business, which had in excess of 350 company healthcare schemes in addition to individual schemes, joined forces with PHP.

Jan Lawson, PHP's Managing Director, said, "Enabled by the sound financial backing of Skipton Building Society, we remain very keen to identify acquisition opportunities.

"These can include specialist PMI businesses or portfolios of PMI business, especially in today's increased regulatory environment where many intermediaries are now looking for security and additional support so that high service levels can be sustained.

"MLP is a superb fit with PHP as the two organisations currently operate in different sectors of the PMI market and complement one another.

"This latest acquisition brings a robust ongoing management and support team which will work closely with PHP to ensure a seamless transition of ownership and help further develop the business.”

Following the takeover, MLP's founding shareholders, husband and wife team Ian and Jayne Middleton, having created a management team to succeed them, will withdraw 'from operational activities'. Ian will become a non-executive Director of PHP so the business will continue to benefit from the considerable knowledge he has of the industry.

The acquisition will bring a number of significant economies of scale in areas such as compliance, administration, accounting, and IT.

Concluding, Jan Lawson added, "Having known Ian and Jayne Middleton for many years, we appreciate the solid foundations on which they have built MLP. It is fair to say that our respective corporate and personal ethics mirror one another and I would like to wish them both well for the future.

"MLP is the latest acquisition for PHP, although it is very unlikely to be our last, as pressures continue to build on the smaller players who can benefit from the additional services and security of a major financial institution."

The Private Health Partnership Ltd is authorised and regulated by the Financial Services Authority.