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National General gets regulatory approval to sell Swedish health business

22nd November 2019 - Author: Matt Sheehan

National General Holdings Corp. has received regulatory approval to go ahead with the sale of its Euro Accident Health and Care Insurance Sweden operation.

The company was given the go-ahead by the Swedish Financial Supervisory Authority to offload the business to an investor group arranged by Impilo AB, a Swedish investment company focused on Nordic healthcare investments.

First announced in September 2019, the transaction is scheduled to close on December 2, 2019.

Euro Accident Sweden is a provider health insurance, predominantly personal medical insurance or PMI, which is an enhanced medical policy that supplements a national heath care plan provided to large groups and individuals.

Impilo AB acquired the unit in a deal valued at $148 million, which will result in an increase to shareholders’ book value of approximately $24 million.

RMS

However, since this transaction is based in Swedish Krona (SEK), the final price will vary accordingly.

Euro Accident Sweden reported net earned premium was $50 million for the first six months of 2019 and $111 million for full year 2018.

The business’ contribution to National General’s pre-tax earnings was a loss of $3 million for the first six months of 2019 and a pre-tax gain of $3 million for full year 2018.

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