Axa snaps up ICAS to expand employee well-being cover

Axa, the acquisitive insurer, has bought ICAS International Holdings, a global provider of employee support and well-being services.

The provider says the move, which remains subject to regulatory clearance, is designed to allow Axa PPP healthcare to strengthen its presence in the growing market for employee support and well-being services.

ICAS owns and operates businesses in the UK, Southern Africa and Spain, and has a network of providers and affiliates covering over 30 countries in six continents.

With 1.5 million employees covered by its services, ICAS has over 900 corporate clients – 50 of which are multinational.

The company is a significant provider of human capital services such as employee support, well-being, crisis management, people development, absence management, stress management and occupational health services.

Axa PPP healthcare is the UK’s second largest private medical insurer. Last month Axa’s intermediary consolidation organ Thinc bought PIFC Consulting for an undisclosed sum.

Keith Gibbs, chief executive of Axa PPP healthcare, says: “The arrival of ICAS, with its strong management team, significantly enhances our ability to help companies manage the increasingly important areas of employee well-being, performance and productivity.

“It will enable us to improve and broaden our business with employers, both in the UK and internationally.”

Michael Reddy, founder and chairman of ICAS says: “This is a logical and tremendous step forward for ICAS, long anticipated.

“With AXA PPP healthcare, ICAS now has the resources and infrastructure to move to another level of service delivery, and to exploit the full depth of intellectual capital amassed over the last 20 years.”