Friday Health Plans, a health insurance company focused on the individual consumer, has entered into a multi-year quota-share reinsurance agreement with the Life and Health international solutions arm of global re/insurer AXA.
The financing arrangements are designed to accelerate Friday Health Plans’ growth plans in both its current and new markets, which will help the start-up meet growing demand for individual health insurance protection.
Friday Health Plans embarked on its growth phase following the acquisition of Colorado Choice Health Plans in 2017. After its expansion in Colorado and New Mexico, the health insurer has more than tripled its individual membership.
It’s expected that AXA’s expertise in healthcare and reinsurance, combined with a blue-chip balance sheet, will boost Friday’s capital efficiency as it looks to expand its footprint over the coming years. Friday stands to benefit from partnering with a leading health insurer with a globally recognised brand, and a like-minded focus on preventive health and consumer experience.
Chief Executive Officer (CEO) of Friday Health Plans, Sal Gentile, said: “AXA and Friday are aligned on the vision of consumer health insurance. As we strive to make health insurance simpler, more affordable, and with practical benefits for people who buy their own health plan, our partnership with AXA will boost our success. We couldn’t ask for a partner with better reinsurance and consumer health expertise.”
Jérôme Hémard, Head of the Reinsurance arm of AXA’s Life and Health international solutions unit, added: “Friday Health Plans is an innovative healthcare player whose vision and values align very well with our own. Our partnership will help make affordable, accessible healthcare available to more people at a time when it is greatly needed. Through our tailored, comprehensive solution and services, we look forward to supporting Friday Health Plans’ long-term growth and expansion plans.”
