A Non-Exec Chairman is required for a start-up business, based in the City of London, which offers a new and exciting private medical insurance product. Our Client’s vision is to become the leading provider of insurance for private medical treatment abroad for individuals and companies resident in their domicile country. This is a global opportunity. Ideally we are looking for a candidate with a background in the following: • Successfully grown a healthcare business • Achieved an ‘exit’ • Raised significant funding • Been a Chairperson in a fast growing SME
Our client is also seeking to appoint an investing MD (Designate) for this company.
It will be beneficial if the Non-Executive Chairman wishes to become a shareholder in the Company to align the incoming Non Exec’s interest with that of the existing Directors who are all shareholders.
1. The Company & the Product:
• The Company will offer a private medical insurance product which provides cover at prices appreciably lower than prices currently prevailing for the nearest equivalent product in the UK market (initially), by utilising accredited overseas medical treatment providers. • A unique ‘hand-holding’ service during travel, both in the overseas location and back in the UK (initially), including assistance service abroad. • Integration into the domestic health arena on return to domicile country, • Cash payment for those using their own domicile service such as the NHS rather than implement treatment overseas. • On a non-insured basis the Company will offer similar services on self-pay basis, broadening its market appeal to those who can afford to fund their own treatment, and to people with existing medical problems which are excluded from insurance cover. • The Company is forecasting Revenues of £24.7m with a corresponding EBIT of £2.1m in 2013. • The company is managed by a highly experienced team with expertise in managing non-life insurance businesses including medical insurance, underwriting and claims, specialist schemes, marketing and sales and administration; supported by medical expertise. • The Directors are planning a significant funding round.
2. The Market
• TreatmentAbroad.net, an online health tourism information site, has estimated that in excess of 300 international healthcare providers are now actively marketing in the UK. The number of people considering health tourism is growing with monthly hits on the site now standing at around 50,000.
• The growing importance of medical treatment abroad has been underlined by a European Union proposed Directive on patients’ rights, under which citizens of any EU country would be able to obtain treatment wherever they wish in the EU, and recover the cost from whichever financing mechanism would apply to treatment in their own country. Although the proposal will most likely be opposed by British government, it demonstrates the impact that medical treatment abroad is having. • UK consumers are becoming increasingly aware that many foreign and especially EU, healthcare institutions provide a state of the art service delivered through recognised highly experienced professionals at a price (including airfare and hotel stay) significantly less than UK private hospital treatment. Together with the high price of private medical insurance this attracted some 75,000 to 100,000 people to travel from the UK in 2007 for treatment. There are no well-known brands offering a full package of travel, medical treatment and recuperation services; the existing market is fragmented and comprises small-scale business offering a limited service. • The massive growth in low cost air travel over the past 10 years has profoundly altered many people’s attitude towards foreign travel. Whereas previously many of the UK population would only travel abroad on package holidays, an increasing number of people are now quite comfortable travelling independently all over Europe, and indeed beyond, for holidays and long weekends.
3. Non-Exec Director Requirements:
• It is expected that the role will require approx 2 days a month. • This is a fee earning opportunity; the rates are negotiable. • Equity and an option scheme are available. • Ideally we are looking for a candidate with a background in the following: -Successfully grown a healthcare business - Achieved an ‘exit’ - Raised significant funding - Been a Chairperson in a fast growing SME
It will be beneficial if the Non-Executive Chairman wishes to become a shareholder in the Company to align the incoming Non-Exec’s interest with that of the existing Directors who are all shareholders.
N.B. This memorandum should not be considered as a recommendation by the Shareholders, the Company or any of their respective subsidiaries, affiliates, representatives, partners, directors, officers, employees, advisers or agents to acquire the shares in the Company, and recipients interested in buying shares in the Company are recommended to seek their own independent financial, legal and other advice.
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Non-Exec Chairman 
