LONMAR Global Risks (of which MediCare International is a division) and Catlin Group Limited announced successful negotiation of a new facility for MediCare. A three-year contract provides each company with access to the other’s global network and will expand MediCare’s product range to include non-medical products. MediCare will be responsible for settling all claims on behalf of Catlin, which will underwrite the products.
Nigel Guillaume-Smith, Head of Accident & Health at Catlin, said
This arrangement reflects our underwriting philosophy of creating value through partnerships. This is a business sector that we have been keen to enter for some time and which we identified as having important growth potential. We are delighted to have negotiated this agreement with a leader in this field and which will enable us to access LONMAR/MediCare’s 250 distribution partners.
Debbie Purser, Divisional Managing Director of MediCare, echoed those statements:
We are already a well established and successful brand in a highly competitive market with a broader product offering than traditional healthcare providers. It is also an expanding area of business reflecting the growth in travel and increased international job mobility. We are planning for rapid growth using our own and Catlin’s distribution channels as well as developing on-line sales.
In April MediCare launched an online buying system allowing expatriates to purchase a health insurance policy from anywhere in the world. It was one of the first international health insurers to provide both chronic illness and legitimate warzone coverage.
Catlin’s entry into the expatriate health insurance industry, meanwhile, underscores the growth potential within the industry. In addition to rising numbers of international travellers and increased international mobility, international insurers stand to benefit from countries’ efforts to ease the financial burdens on their public health systems.
Companies mentioned
Catlin Group Limited is a specialist insurer/reinsurer writing more than 30 classes of products worldwide, from equine & bloodstock to kidnap & ransom. The value of its gross premiums written has increased tremendously across all business segments over the last 6 years, particularly in London and the US. Catlin wrote over USD 4 billion worth of premiums in 2010, generating earnings of USD 406 million. http://www.catlin.com/en/
Medicare International is a division of LONMAR Global Risks, an independent Lloyd’s broker. It is known for innovative products (MediCare was one of the first health insurers to offer expatriates chronic illness cover and warzone insurance) and quick turnaround on its claims. The company usually settles agreed medical claims within two days. MediCare has clients of more than 86 nationalities living in 114 countries. www.medicare.co.uk