Pharmacy Mutual Insurance Company's policyholders to vote on takeover by NPA
Policyholders of the Pharmacy Mutual Insurance Company are about to vote on a proposed takeover of the organisation by the National Pharmacy Association.
The NPA is offering to buy the renewal rights associated with PMI policies
after which the remaining assets of PMI will be distributed among its
policyholder members. Each policyholder stands to receive an initial
sum in excess of £1,400, with further sums to be distributed once
the residual liabilities of PMI have been established.
Explaining why the NPA wants to buy PMI, NPA insurance director Simon
Barwell said: “In the past few months we’ve been examining
the needs and future needs of pharmacies, pharmacists and the pharmacy
family. We want to grow our affinity with that group.”
He said that the NPA did not want to buy PMI in order to make money from
its business. “It’s not about profit,” he said. “As
a trade association we’re running this for the benefit of pharmacy.
We don’t want to be building up cash reserves.”
PMI members will vote on the proposed takeover at a general meeting on
7 November 2007.
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