Financing Arrangement Will Accelerate Friday Health Plans' Growth in its Current and New Markets
DENVER, June 8, 2020 /PRNewswire/ -- Friday Health Plans, a health insurance upstart focused on the individual consumer, announced today a multi-year quota-share reinsurance arrangement with the Life and Health international solutions division of AXA, one of the world's most trusted insurance brands. The agreement will enable Friday to continue expanding its business in current markets and in new states. AXA's partnership supports Friday's additional expansion plans, which will help meet increased demands for individual health insurance coverage.
Friday Health Plans began its growth stage after acquiring Colorado Choice Health Plans in 2017. The company has more than tripled its individual membership after expanding in Colorado and New Mexico.
AXA's expertise in healthcare and reinsurance, plus a blue-chip balance sheet, bolsters Friday's capital efficiency as it grows its footprint over the next several years. Friday will benefit from partnering with a powerhouse health insurance organization with a globally recognized brand and a like-minded focus on preventive health and consumer experience.
"AXA and Friday are aligned on the vision of consumer health insurance," said Sal Gentile, CEO of Friday Health Plans. "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 division, explains: "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."
About Friday Health Plans: Friday Health Plans is purpose-built specifically for people and small businesses who buy their own health insurance. The company focuses on overall simplicity to offer affordable health plans with benefits that help members stay healthy and cover them if they get sick or hurt. Operational efficiency, top-notch customer service, and smart technology are core to Friday's consumer-centric approach. Headquartered in Denver, insurance products and services are state-based subsidiaries of Friday Health Plans Management Company, Inc. For more information and to find a health plan, visit www.fridayhealthplans.com.
About the AXA Group: The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries. In 2019, IFRS revenues amounted to Euro 103.5 billion and underlying earnings to Euro 6.5 billion. AXA had Euro 969 billion in assets under management as of December 31, 2019. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. This press release and the regulated information made public by AXA pursuant to article L. 451- 1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Group website (axa.com).
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SOURCE Friday Health Plans