Punter Southall has agreed to sell its health and protection business to Howden, a global insurance broker.
The group announced its latest transaction would benefit Punter Southall Health and Protection Holdings and its subsidiary companies, Red Arc Assured and Risk Policy Administration because the innovative products and services they had developed would now have a potential global customer base.
Punter Southall Chief Executive and co-founder Jonathan Punter said: “We have spent 30 years building businesses. Under our wing, PSHPH has created innovative technology to complement its advisory strength. This deal means it now has a wider market for its expertise.”
PSHPH Chief Executive Paul Johnston will become Chief Information Officer for Howden UK, reporting to its CEO, Chris Evans.
Howden says the sale adds “significant” scale to its UK and international employee benefits business.
It is part of the Hyperion Insurance Group, which recently launched a new business, Hyperion X, focused on data, digital delivery and “insurtech” investment and incubation. Under its Psyon brand, PSHPH provides digital and data analytics to clients and insurers.
The New Year announcement caps a strong 12 months for Punter Southall, which continues to evolve. Last January, it merged its independent trustee business with HR Trustees to form what is now Punter Southall Governance Services. It also became the key investor in Guardian Financial Services, an insurance start-up while its workplace pensions and saving business, Punter Southall Aspire, continued to extend its reach by acquiring financial advisory companies across the UK.