Health insurance provider BUPA has rejected talks of a possible takeover of its Irish arm by AXA, following an announcement in December 2006 announcing its withdrawal from the Irish market.
BUPA Ireland did not enter and is not in talks with AXA regarding the takeover of its operation in Ireland. BUPA Ireland has always maintained that it seeks a situation were it is allowed to remain solvent and make a modest return. This remains its position and it wishes to retain the flexibility to re-enter the Irish market should the situation change, said a representative of BUPA.
According to the Irish Independent, the Irish health minister, Mary Harney, met with senior AXA executives to head their proposals to take over BUPA’s Irish operations but rejected the move and confirmed that it would not be entering into further talks with AXA.
As a direct rival of BUPA, a takeover by AXA is thought not to be in the best interest of its employees and members. The health insurance company is planning on winding down its operations slowly to eventually withdraw completely from the Irish market.
The company has currently stopped renewing subscriptions. In addition, 50,000 customers will see their policies terminated in the next month.