CS Healthcare transfer to Bupa subject to regulatory approval and clearance from competition authorities
Earlier this month we reported that CS Healthcare had agreed to transfer its book of business to Bupa, subject to approval by the firm's members.
COVER can confirm that the proposal was approved by CS Healthcare members at their AGM earlier this week.
The agreement will see CS Healthcare members receive access to Bupa health and wellbeing support services, such as cancer and cardiac care, its digital GP service and direct access to treatment for a wide range of conditions, as well as mental health cover.
Tom Gidaracos, CEO, CS Healthcare, said: "We are pleased to announce that the proposal to transfer CS Healthcare's business and members to Bupa was overwhelmingly approved at our AGM on 9 September. The majority of our members who voted approved the proposed transfer, which is a positive step towards helping secure the long-term future of our members' health insurance. We are grateful to all our members who engaged or participated in this process."
Gidaracos also confirmed that the transfer is subject to regulatory approval and clearance from competition authorities. The transfer is due to complete on 1 January 2021.
Alex Perry, CEO, Bupa UK Insurance added: "We're delighted that the proposal to transfer CS Healthcare's business and members to Bupa has been approved by its members. This is an important milestone and offers CS Healthcare members reassurance over the sustainability of their health insurance and greater access to health and wellbeing benefits to support their physical and mental health.
"If, as we hope, the proposed transfer is approved by the competition authorities and our regulators, we look forward to welcoming CS Healthcare members to Bupa in January."
Established in 1929, CS Healthcare is a friendly society with approximately 18,500 members that provides health insurance cover to members of the UK civil service.
Over the last few years, CS Healthcare has been impacted by rising healthcare and administration costs and increased costs of regulatory compliance. This has led to premiums increasing and more customers leaving CS Healthcare than joining, impacting sustainability.
