APRIL UK withdraws from British PMI market
Broker APRIL UK in July 2018 announced that it is closing its private medical insurance (PMI) plans to new business and will be withdrawing from the UK PMI market. The announcement has been made following the decision by its insurance partner to stop bearing risks of its private medical insurance portfolio.
As far as we know, the insurance partner in question is Malta-based Axeria Insurance, another member of the APRIL Group, “which underwrites our cash plans” according to the company’s website. So, it really is APRIL Group that is retreating from the UK PMI market.
Only the private medical insurance activities of April UK will be affected upon renewal. Other business lines such as income protection, life insurance, personal accident, are unaffected.
The decision does not affect APRIL International UK, the group’s IPMI (international private medical insurance) subsidiary or Medibroker, a direct broker in international health insurance. The three companies have always been separate entities within the April Group, which says that there will be no impact on its 2018 financial perspectives.