OneFamily to acquire Beagle Street to support insurance needs of the underserved

Posted in: Corporate

OneFamily has announced that it will be acquiring Beagle Street by the end of the year, in a deal that will see the mutual expanding its product range and the support it can give to its members.

Beagle Street, part of BGL Insurance, specialises in affordable, simple to purchase life and critical illness insurance. Its products are designed for people who know they need to protect their families but are put off by the expense, complexity and the time it usually takes to buy life insurance.

OneFamily’s CEO, Teddy Nyahasha said, “We know that nearly seven in 10¹ people have no life insurance – perhaps because they simply cannot afford the premiums or see life insurance as too difficult to think about. But as we enter a period of growing uncertainty for families over the coming year, protecting against life’s big challenges becomes even more important – particularly for the financially vulnerable.

“Everyone should have access to affordable life cover, it’s a basic financial need for anyone encountering a major life event such as the birth of their first child or getting a foot on the housing ladder.

“As a champion of the underserved, OneFamily has been looking for ways to try to help this.

“So, we are delighted to welcome Beagle Street to OneFamily. What really appealed to us about Beagle Street was the commitment in the business to doing the right thing and delivering great service to people at a time when they need it the most.

“It’s a great fit for us, bringing two established insurance brands together under one roof, allowing us to build the scale in life insurance that we’ve successfully achieved in children’s savings.

“We’re a socially responsible company so, as part of our vision of Inspiring Better Futures, OneFamily wants to be able to reach more families and give them the peace of mind that they deserve.

“And I’m excited to say that Beagle Street will help us to do that.”

Alistair Rose will continue as the Managing Director of Beagle Street as the company moves over to OneFamily. He said, “This is a fantastic opportunity for Beagle Street, bringing together two like-minded organisations that have customers right at the heart of everything they do – it’s a perfect match for us.

“OneFamily’s values and mutual ethos are absolutely in tune with who we are as an organisation, we both want to serve the underserved and provide them with excellent service. I’m looking forward to working with the OneFamily team as we build towards the future and expand the life insurance market to reach even more people.”

Peter Thompson, CEO of BGL Insurance said, “I am immensely proud of the strong life insurance business we’ve developed over the past 10 years, significantly challenging and changing what was, historically, a slow and cumbersome process for customers.

“The business has huge potential, and it was important for us to find a buyer who understood the complexities of the life market and shared the same growth ambitions. I’m excited to see Beagle Street thrive as part of the OneFamily Group.”

¹ FCA Financial Lives Survey 2020 p60 “Even the most common, life insurance, was held by only three in 10 (31%)”

Notes to Editors

About OneFamily

OneFamily is a customer-owned financial services company that offers lifetime ISAs, lifetime mortgages, junior ISAs, child trust funds, bonds and over 50s life cover.

We have 45 years’ experience of being a trusted provider of financial solutions, with 2 million customers and £7.3 billion in funds under management at the end of 2021.

We are the UK’s biggest child trust fund provider, holding over 25% of the market.

Supporting our members and their communities

As a mutual, OneFamily is owned by its members for its members – and doing right by them is at the heart of our business.

We don’t have shareholders to pay dividends to, so we reinvest our profits to provide quality products and services for the benefit of our members. OneFamily has provided more than £4.75 million in grants since 2015 through its personal and community-based funding initiatives – supporting over 390 great causes and improving the lives of more than 3,200 people through our individual grants. Our community funding has supported dementia charities, homeless projects and provided work for young people with learning disabilities as well as funding projects such as the renovation of swimming pools and parks.

OneFamily customers can also apply for a Young Persons Education Grant of up to £250 to help them or someone, aged 15-19, they care about. They can be used for study materials, to travel costs or a new laptop.

For more information on how we support our members see:
www.onefamily.com/our-story/membership/education-grants/
www.onefamily.com/our-story/charity-partnerships/