Now Health International, the Hong Kong-based international private medical insurance provider co-founded six years ago by IPMI veteran Martin Garcia, has agreed a major “strategic partnership” with a subsidiary of Reinsurance Group of America (RGA).
Now Health said the “worldwide, multi-year” deal would “underpin” its efforts to develop sustainable growth over the long term, in the wake of its acquisition of the Bermuda and Miami-based Best Doctors Insurance group in July 2015.
RGA, it added, “will play an integral role across all Now Health International/Best Doctors Insurance (NHI/BDI) markets, including Asia, Europe, the Middle East, Africa, Central and Latin America and the Caribbean”.
The financial aspects of the deal with RGA weren’t disclosed.
RGA is a St Louis, Missouri-based, New York Stock Exchange-listed, internationally-focused reinsurance industry giant, with approximately US$3.1trn of life reinsurance in force, and assets of US$52.2bn at the end of March. It claims to be the “only global reinsurance company to focus primarily on life and health-related reinsurance solutions”, and has operations in 26 countries.
Now Health said RGA will gradually replace NHI/BDI’s existing reinsurance panel, creating operational and economic synergies that it said would enable the company to increase its ability to deliver a high standard of service to its clients across the globe.
It said the transition of its existing reinsurance operations to the RGA platform began in January, and is due to be fully deployed, group-wide, over the course of the remainder of this year.
“Existing local insurance arrangements will be transitioned so there will be no impact for customers, other than in the Middle East, where Now Health International has also recently formed a new partnership with Royal & Sun Alliance (RSA) across the region,” the company said.
Now Health co-founder and chief executive Garcia, pictured, said the deal was making possible the “realisation of our original vision for Now Health International, and demonstrates our ongoing commitment to innovation, service, capital efficiency and customer value”, and added that it was certain to boost the company’s profile in the increasingly competitive IPMI market.
Garcia co-founded Now Health in order to cater to expatriates and high-net-worth clients in Hong Kong, mainland China, Indonesia, Europe, the Middle East and other countries in which the private health care industry is growing rapidly, as is the private health insurance industry alongside it. It claims to be one of the fastest growing IPMI providers in the expatriate-focused, HNWI and corporate markets. In addition to Hong Kong, it has offices in the UK, United Arab Emirates, China, Hong Kong, Singapore, Canada, Ecuador, USA (Miami) and Indonesia, for a total of 12 sales and/or service offices staffed by more than 380 employees, who look after more than 115,000 clients.
Now Health’s geographic footprint was substantially increased by last year’s acquisition of Best Doctors Insurance, which at the time it was acquired had a distribution network throughout Central and Latin America, the Caribbean and Canada.