CBG Group expands with new healthcare division

TIDMCB.

CBG Group Plc

17 January 2011

CBG GROUP PLC

(AIM: CB.)

CBG Group expands with new healthcare division

CBG Group plc ("CBG" or the "Group"), the independent insurance broker and financial services intermediary, is pleased to announce the launch of PALM, a specialist healthcare division as part of an ambitious drive into the medical malpractice sector.

PALM is a new distinct and standalone division of the Manchester based Group, which will provide specialist cover to protect corporate healthcare organisations facing potential criminal and civil action. These organisations include private hospitals, GP practices, fertility clinics, and virtually any type of primary health care providers.

PALM's core product offering will be to provide comprehensive protection against 'vicarious liability' - the legal liability of any employer that has the ability or duty to control the activities of its employees. This type of cover includes:

- Professional Malpractice & Liability cover up to GBP25 million in line with many current Primary Care Trust (PCT) contracts;

- Compliance with 'schedule nine' - a PCT service contract requirement, which is unacceptable to the majority of insurers;

- A 'MEDiC' product, which, in certain cases, allows employers to pay the individual indemnity for employed doctors, as required by law and therefore ensure the correct protection applies at all times.

PALM is a partnership between CBG, MPS Risk Solutions - the Medical Protection Society's (MPS) insurance company - and Chartis Insurance Company.

Dave Mackie, Group Business Development Director at CBG, commented:

"We're very proud to be one of the first insurers to provide a dedicated insurance service for the healthcare industry. With cases about medical malpractice increasing year on year, we have moved to fill the gap by offering protection against such claims.

With the Government's white paper 'Equality and Excellence: Liberating the NHS" changing the face of the NHS, we believe this is an ideal time to be involved in a sector which traditionally brokers have shied away from."

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Enquiries:

 
 
 CBG Group plc                            0161 920 0200 
 Mike Askew, Group Managing Director       07720 400356 
 Martyn Hughes, Group Finance Director     07734 543454 
 www.cbg-group.co.uk 
 
 
 Zeus Capital (Nomad & Broker)            0161 831 1512 
 Alex Clarkson / Nick Cowles 
 
 Daniel Stewart & Company plc (Joint 
  Broker)                                 020 7776 6550 
 Martin Lampshire 
 
 Bishopsgate Communications Ltd           020 7562 3350 
 Laura Stevens/Nick Rome

Notes to Editors:

CBG Group

CBG Group plc, listed on AIM (Ticker: CB.) is a corporately active business with its head office in Manchester, employing more than 125 people. It's core operating businesses are regulated by the Financial Services Authority providing a full advisory service in insurance, employee benefits, financial planning, specialist sports and healthcare insurance to SME's, private clients, professional sportsmen and health practitioners. Since becoming a public listed company in 2003 it has completed 20 acquisitions and has an impressive track record.

Further information is available on CBG Group at the Group's website: www.cbg-group.co.uk

The Medical Protection Society

MPS is a mutual indemnity society that is open to all health/medical practitioners in order to gain 'discretionary indemnity' for malpractice and similar claims. The society has significant standing in the health sector, from the Department of Health down to individual members, and has protected its members for over 100 years.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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