Now Health International/Best Doctors Insurance Group announce a Worldwide, Multi-Year Reinsurance Partnership with Reinsurance Group of America, Incorporated.
With Now Health International having successfully completed its acquisition of Best Doctors Insurance in July 2015, it is set to achieve another impressive milestone by establishing a new strategic partnership with a subsidiary of leading life and health reinsurance provider Reinsurance Group of America, Incorporated (RGA).
The move underpins Now Health International/Best Doctors Insurance Groups (NHI-BDI) focus on sustainable growth and long-term planning and is the result of a comprehensive market assessment. RGA will play an integral role across all NHI-BDI markets including Asia, Europe, the Middle East, Africa, Central and Latin America and the Caribbean. Financial details around the agreement are not being disclosed.
RGA will gradually replace NHI-BDI’s existing reinsurance panel creating substantial operational and economic synergies and most importantly, enabling NHI-BDI to deliver a whole new level of service excellence to its distributors and customers over time.
The transition to this new platform began in January and will be fully deployed group-wide over the course of 2016. 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 have also recently formed a new partnership with Royal & Sun Alliance (RSA) across the region.
“The seamless delivery of comprehensive, flexible and portable health insurance solutions is what we do best and we’re excited about the prospect of bringing our newly enlarged worldwide operations closer together with the support of such a strong, experienced and committed reinsurance partner.
It’s the realization of our original vision for Now Health International and demonstrates our ongoing commitment to innovation, service, capital efficiency and customer value. I’m confident our partnership with RGA will add to our competitive advantage and strengthen our profile in the increasingly competitive IPMI market.” said Martin Garcia, CEO of Now Health International/Best Doctors Insurance.
Alan Watts, RGA Reinsurance Company’s Global Head of Health Solutions commented, “As one of the world’s largest life and health reinsurers, RGA prides itself on delivering innovative and practical solutions for our clients. We’re very pleased with this new global partnership with the Now Health International/Best Doctors Insurance Group and look forward to supporting their ambitious plans for future growth.”
The key macro drivers remain strong for IPMI growth with:
- Significant increases in the number of globally mobile expatriates
- A rapid rise in demand for access to top-tier healthcare from high net worth populations in emerging markets
- The determination of governments to push escalating healthcare costs onto the private sector, and
- The focus on companies to provide competitive employee benefits to attract and retain talent
All of the above factors combined add to the global IPMI markets growth potential which, according to Finaccord, is expected to exceed US$20 billion in GWP by 2019.
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For further information, contact:
Alison Massey, Marketing and Ecommerce Director
Now Health International
Office: +852 2279 7322
Mobile: +852 9826 9452
Email: [email protected]
Lynn Phillips, Executive Director, Public Relations
Reinsurance Group of America, Incorporated
Office: +1 636 736 2351
Email: [email protected]
Note to Editors:
About Now Health International/Best Doctors Insurance
Now Health International is one of the fastest growing providers of International Private Medical Insurance (IPMI) solutions for Global Expatriates, High-Net-Worth individuals and Companies. Now Health has opened offices in the UK, UAE, China, Hong Kong, Singapore and Indonesia so far.
In July 2015, Now Health acquired Best Doctors Insurance, a Bermuda/Miami based major medical insurance provider with distribution throughout Central and Latin America, the Caribbean and Canada. The transaction has created a global top-tier specialist IPMI proposition with complementary products, distribution and geographies. The operation spans four continents, with 12 sales &/or service offices, 115,000+ members, 380+ employees and 5,000+ distribution partners.
Reinsurance Group of America, Incorporated (RGA), a FORTUNE 500 company, is among the leading global providers of life and health reinsurance and financial solutions, with approximately $3.1 trillion of life reinsurance in force and assets of $52.2 billion as of March 31, 2016. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at: