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.”
Source: PR Newswire