International private medical insurance (IPMI) provider Now Health International recently inked a deal and will acquire Best Doctors Insurance, a major Bermudian-based medical insurance provider with a distribution network spanning Latin America, the Caribbean and Canada, subject to regulatory approvals.
The IPMI provider, which has been established for four years, currently has offices in the UK, Dubai, Hong Kong, Singapore, Shanghai and Beijing, and plans to set up in Jakarta and Abu Dhabi soon. Best Doctors on the other hand, has service centres in Miami, Guayaquil (Ecuador) and Toronto.
In a statement, the company said that the transaction would create a global top tier specialist IPMI proposition with complementary products, distribution and geographies as well as shared quality service principles. The pro-forma operation will span four continents, with 12 sales and service offices, 100,000+ members, 300+ staff and 5,000+ distribution partners.
Now Health International CEO Martin Garcia said the acquisition of Best Doctors is a highly complementary transaction for Now Health International and its investor Primary Group, as the former will “fill a large void in [its] global emerging market strategy”.
“Over time, as the respective operations converge to deliver increased scale and efficiency, our members, distributors and staff will benefit most. We’re all very excited about the possibilities that this combined proposition will bring to the market,” he added.