One of Wales’ longest established health plan organisations, Gwent Hospitals Contributory Fund, has undergone a rebrand to ensure its position within the modern health plan marketplace.

Gwent Hospital Contributory Fund, whose origins date back 175 years, has changed its name to Plutus Health.

The change by the Newport-based company is bid to modernise the legacy of its services and products. It is hoped the new brand will entrench them in the competitive health plan market.

In 1839 the fund founders committed to helping those in need to have access to healthcare which was not otherwise available. At the time, those who could afford it had to pay for their own medical treatment rather than relying on charity from others. This dispensary, which evolved into the Royal Gwent Hospital, provided prescriptions and medicines for the people of Newport and was funded by contributions from subscribers and working people in the town. In essence, people were encouraged to join the local health insurance scheme.

Regular meetings were held between subscribers, medical persons, MPs and clergy and soon it became known as the ‘Workmen’s Fund’ which then evolved into Gwent Hospitals Contributory Fund, due to the company’s historic connection with the Royal Gwent Hospital.

The rebrand to Plutus Health is hoped to appeal to a newer, more vibrant audience, while still maintaining the strong core values that have been indicative of the fund for many years.

The new name will also mean the company can broaden its customer base nationwide.

Chief executive Andy Wilkins said: “It is vital that the company remains a leading competitor in the health plan market. Rebranding to Plutus Health has revitalised the brand and has assisted in our plans to extend our customer base nationwide.

“Plutus has retained all of the traditional values from 175 years of experience as a leading health plan provider, and we maintain that we will operate under the same ethos we have always done, providing our customers with access to affordable healthcare, regardless of the financial climate.

“With more and more people beginning to realise the value that a health plan offers, now seemed like an opportune time to rebrand and move forward with renewed vigour.”

Plutus Health works with a variety of South Wales businesses including Tata Steel, Seren Group, Meritor, Newport City Council, Torfaen County Borough Council and the Aneurin Bevan Health Board, offering health plan benefits for their employees. The company also provides health plans to thousands of individual customers.