On 1 December 2010, Engage Mutual officially added 15,000 new members and more than 25,000 new policies as customers of Ecclesiastical Life Limited’s long term insurance business were successfully transferred to one of the UK’s largest mutual friendly societies.
This draws to a conclusion a detailed and thorough process over the past 12 months and follows 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. The transferred with profits fund has been closed to new business and will run on a segregated basis for its members’ benefit. The non profit fund will become part of the Engage Mutual non profit fund.
As a result of the transfer, 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.
A copy of the long term insurance business transfer scheme (the Scheme) and the order granted by the High Court are available for you to download.
What this means to former ELL customers?
All customers transferred to Engage Mutual immediately became members of the mutual organisation, with the right to vote on resolutions at Annual General Meetings and have a full say in how the business is run on their behalf.
All administration continues to be run from Gloucester and customers wishing to find out further information about their policies should visit the relevant section of this web site or contact the Gloucester office:
Pure Offices at Kestrel Court
Waterwells Business Park
Waterwells Drive
Gloucester
GL2 2AT
Telephone: 0800 2983542†
E-mail: customer.services@engagemutual.com
