Hotbed switches PMI provider

Private equity and fund management firm Hotbed has switched private medical insurance (PMI) providers to cut the cost of the perk by underwriting some of the associated risk itself.

The firm has transferred its 41 recipients of PMI, which comprise employees and dependants who were previously covered by Bupa Select, into a policy offered by Healthfund. The switch has saved Hotbed 50% on premiums and it will use 35% of these savings to fund any claims excesses for staff.

Hotbed will now pay for claims up to £3,000 per year for each policyholder, with Healthfund covering any claims exceeding this amount.