The transfer adds over 15,000 new members, more than 25,000 new policies and sixteen additional staff to the Mutual. Assets under management have increased by £270 million, bringing total assets managed by the Engage Mutual Group to around £900 million.
The transferred business, which includes both with profits and non profit business, pensions, endowment savings and traditional life assurance, brings product diversification and economies of scale to the Engage Mutual Group.
Engage Mutual’s chief executive, Andrew Haigh commented:
“This is an important strategic step for Engage Mutual, bringing additional financial strength and scale to our organisation which is in the interests of both members and future customers.
“As a customer owned organisation, we continue to offer a real alternative for families seeking good value financial products, and in doing so, we contribute to a more diverse financial industry, which is to the benefit of all.”
The transfer followed an extensive strategic project undertaken by Ecclesiastical Group to review its existing life business. Engage Mutual was carefully selected from a group of potential buyers, due to the similarity of its customer-focused approach.
Recognising the expertise and commitment of current staff, transferred policies will continue to be serviced from a Gloucester base with corporate functions provided by Engage Mutual’s Yorkshire headquarters.
Well respected and well known among the clergy, Ecclesiastical Life Limited (ELL) was established over 90 years ago and is based in Gloucester. ELL manages over 47,000 policies and assets under management of approximately £310 million.
This recent transfer follows an announcement on 25 November 2010 detailing Engage Mutual’s acquisition of PHSA, a not for profit healthcare provider of health cash plans and private medical insurance, increasing the Mutual’s presence in the healthcare market.