The Royal London Mutual Insurance Society Limited (Royal London), the UK’s largest life, pensions, and investment mutual today announces it has reached agreement with Bspoke Group regarding the sale of the general insurance and healthcare elements of the Police and Forces Mutual businesses (Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI)).
The transaction will see over 250,000 general insurance policies and c16,000 healthcare policies transfer to Bspoke Group, subject to regulatory approval.
Siobhan Barrow, UK Distribution Director commented:
“We are delighted to have reached agreement with Bspoke Group on this transaction on the general insurance and healthcare elements of the Police and Forces Mutual businesses.
“These are not central to our core business of protection, long-term savings and asset management. Customers will be better served by an expert in those GI and Healthcare markets. Central to our considerations has been finding a buyer with the right strategic and cultural fit, and who recognised the heritage of the businesses.”
Tim Smyth, Bspoke Group CEO, said:
“With a 150-year history, PMCH and PMGI are both highly regarded and trusted names within the police and military sectors, and we are thrilled to have secured their purchase.
“This type of specialist product fits perfectly within the Bspoke Group portfolio. It was always our intention to combine organic growth with acquisitions where they have a clear strategic fit to our long term aims.”
Customers’ policies and impacted colleagues are expected to transfer to Bspoke in early 2024. There is no immediate change for customers and all servicing and claims will continue to be processed in the usual way.
Royal London and Bspoke will provide updates to customers as the sale progresses.
For further information please contact:
Lora Coventry, Senior PR Manager
Email: lora.coventry@royallondon.com
Mob: 07919 170673
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023.
About the Bspoke Group
The Bspoke Group brings together a collection of multi-class niche and specialist MGA insurance businesses, each clearly focussed on individual product specialisms and run by highly experienced and technically skilled underwriting teams. Their product range includes property, leisure, lifestyle, commercial and trades, haulage and transportation and they are able to offer distribution options for brokers, affinities and schemes.
Their structure and focus on IT and data enables the Group to operate as a ‘virtual Insurer’, with full sales, underwriting, pricing, business intelligence and reserving capability, and is uniquely positioned to understand, manage and deliver superior performance outcomes for their business partners. By being focussed on long term and profitable underwriting, they are proud to have built strong relationships with their ‘A’ rated capacity providers. These partnerships provide support and flexibility for innovation, the appetite to drive new trading opportunities and delivers the financial strength and consumer protection you would expect from market leading insurers.
The Bspoke Group head office is based in Leeds, West Yorkshire with subsidiary offices in Shropshire, Gloucestershire, Essex and London.
Bespoke website - bspokegroup.co.uk