Engage Mutual merger to go ahead

THE members of Engage Mutual have voted in favour of the proposed merger with Family Investments, creating one of the UK’s largest mutual insurers.

Harrogate-headquartered Engage, a customer owned life insurance, health and savings provider, made a formal recommendation that it merges with Family Investments in September.
 
Family Investments’ members have also voted in support of the move, paving the way for an organisation focusing on helping families work together across generations and have more than two million customers.

The merger remains subject to confirmation by the PRA after consultation with the FCA, and to meeting other conditions, and is expected to be concluded in the first half of 2015.
 
Engage Mutual chairman, Christina McComb, said: “The Engage board is delighted that our members have chosen to approve the merger, recognising the move really is in their long term best interests.  Subject to appropriate regulatory approvals, the merger will accelerate our strategic intent to create a customer-owned business that delivers unmatched value, service and customer benefits.”
 
Chief Executive, Peter Burrows, added: “The merger with Family Investments will allow us to deliver greater value, long term strength, and make a positive and personal difference to the lives of our customers and their families.  The merger also secures and enhances the future of the Engage Foundation, with a commitment to providing £5m of funding over the next five years.  This will significantly expand the Foundation and the opportunities it provides to our customers to benefit from personal grants and community awards.”
 
Together, Engage and Brighton-based Family will have approximately £6bn assets under management, with members of both boards and executive teams represented in the new organisation. 

Family Investments chief executive, Simon Markey, said: “We are delighted that our members have voted in favour of this momentous merger with Engage Mutual. We look forward to realising our shared vision of a truly modern mutual for families.”

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