BHSF ACQUIRES FORESTER HEALTH
1 November 2007
The Directors of BHSF Group Limited and the
Directors of Foresters UK Group today announce the acquisition of
Forester Health Limited by BHSF.
Foresters Group bought Forester Health, which
carried on the physiotherapy insurance business of NPS, in
1996. The business has since expanded through the development
of a range of health cash plans. Forester Health is well
respected amongst its 53,000 policyholders, its client companies
through which most of its business is transacted, and in the
marketplace generally.
An agreement has been reached under which BHSF
will acquire Forester Health with effect from 2 January 2008
(subject to regulatory approval). Foresters Group will focus
on the greater part of its UK operation, which consists of a highly
successful life assurance, pensions and investment business within
Forester Life.
BHSF, a not-for-profit company, is one of the
UK’s largest providers of health and employee benefits. It
can trace its roots back to the formation of the Birmingham
Hospital Saturday Fund in 1873 and it currently insures some
330,000 people through 210,000 policies.
BHSF’s chief executive, Peter Maskell said “We
are very pleased to be acquiring this successful and well-regarded
business and we shall ensure that the high standards to which
Foresters customers have been accustomed will be maintained.
In this regulated and competitive environment, it is inevitable
that smaller companies will combine in order to offer the best
value and service to their customers. This arrangement
follows the successful integration of The Health Scheme, which was
acquired by BHSF in 2001. We predict that BHSF Group’s
turnover in 2008, following this acquisition, will be £38m.”
Euan Allison, chief executive of Foresters UK
Group said, “We were very pleased to complete a satisfactory
arrangement with BHSF which will enable us to concentrate on the
largest and most important part of our business. The agreement
ensures that our health cash plan and physiotherapy policyholders
will continue to be well served and safeguarded going forward.”