April buys GlobalHealth Asia to expand int’l PMI range
April Group, the Euronext-listed French insurer, said it has acquired Hong Kong-based GlobalHealth Asia, which it says will enable it to extend its presence in GlobalHealth’s key markets of Singapore, Vietnam and Shanghai.
Established in 1997 in Hong Kong, GlobalHealth has a staff of 60 and an annual turnover of around €6m, April said.
It provides a range of international group and individual health insurance services, and currently markets its products in five jurisdictions in addition to Hong Kong: Singapore, Vietnam, the Philippines, Indonesia and China.
April, which specialises in providing private medical insurance (PMI) to expatriates and those who are travelling outside their home countries for business or pleasure, didn’t say how much it paid for GlobalHealth or disclose other terms of the deal.
In addition to enabling the company to extend its operations in Asia, “beyond its current activities in Thailand, China and Singapore”, the deal “also strengthens [April’s] market share in IPMI, and accelerates the development in this historical business line”, the company said in a statement on Wednesday.
“Finally, it enables April to pool medical expenses, and therefore increases its negotiating power with healthcare providers, for the benefit of its policy holders and risk carriers.”
Emmanuel Morandini, deputy chief executive of the April Group, said the acquisition would supported the company’s stated objective of becoming a major provider of international private medical insurance and assistance outside of France.
The April Group was founded in 1988 by Bruno Rousset and Xavier Coquard. It acquired MediCare International, a UK-based insurer focused on the international market, in 2012, re-branding and relaunching the business last year as April International UK.