Insurance company AXA is selling its healthcare broker, The Health Insurance Group, to US private equity firms Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP) for an undisclosed sum.

New York-based HPS and Chicago-based MDP are buying the group into a jointly owned entity, Nevada Investments Topco.

Both firms have a growing portfolio of managing UK broking brands, including a major shareholding in The Ardonagh Group.

The Health Insurance Group – also known as Health and Protection Solutions Ltd – joined AXA in 2008, providing health and well-being solutions to individuals and businesses.

The transaction is subject to regulatory approval and expected to be completed in the third quarter of the financial year.

Chief executive of AXA PPP healthcare Keith Gibbs (pictured) said: ‘As part of AXA’s strategy in the UK, we have concluded that whole of market intermediaries who offer advised sales are best placed within businesses focussed on distribution, and this transaction will allow The Health Insurance Group to form part of a portfolio of leading broking businesses.’