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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.
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For further information on Engage Mutual please contact:
Kathryn McLaughlin Tina Clare
Engage Mutual Assurance Engage Mutual Assurance
Tel: 01423 855245 Tel: 01423 855268
NOTES TO EDITORS
1. Engage Mutual Assurance is a trading name of Homeowners Friendly Society Ltd (HFSL), Registered and incorporated under the Friendly Societies Act 1992, Registered number 964F and its wholly owned subsidiaries, Engage Mutual Funds Limited (EMFL), registered number 3224780, Engage Mutual Services Limited (EMSL), registered number 3088162, Engage Mutual Administration Limted (EMAL), registered number 4301736 and Engage Health Holdings Limited (EHHL), registered numbers 7112411, all of Hornbeam Park Avenue, Harrogate HG2 8XE and Engage Mutual Insurance Limited (EMIL), registered in Gibraltar number 100605 of Montagu Pavilion, 8-10 Queensway, Gibraltar. EMA is also a trading name of Engage Mutual Health (EMH), registered number 515058 of 14 St Cuthbert’s Street, Bedford, Bedfordshire MK40 3JU, a wholly owned subsidiary company of EHH.
2. HFSL, EMFL and EMH are authorised and regulated by the Financial Services Authority (FSA). HFSL’s Register number is 110072, EMFL’s FSA Register number is 181487 and EMH’s FSA Register number is 202311. EMIL is authorise to conduct general insurance business by the Gibraltar Financial Services Commission (GFSC) and is regulated by the FSA for the conduct of UK business. EMIL’s FSA Register number is 485680. You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register/firmSearch Form.do, or by contacting the FSA on 0845 6061234. Engage Mutual investment Funcs ICVC is an investment company with variable capital, Registered in England Number IC00044. EMSL is an appointed representative of EMIL. EMAL, EMSL and EHHL are non-regulated wholly owned subsidiaries of HFSL.
3. Engage Mutual is one of the larger UK mutuals providing simple, value for money savings, protection and investment products. It currently helps over 457,000 customers of all ages to protect, preserve or enhance their welfare, with some of the most straightforward products on the market. Engage Mutual prides itself on being a family-oriented, modern mutual, providing products that help enable households of all kinds to plan their finances to help meet their future needs. More information on Engage Mutual is available at www.engagemutual.com
4. Engage Mutual supports mutuality through links with the Association of Financial Mutuals and Mutuo.
5. Engage Mutual Funds Limited (EMFL) is a provider of the Child Trust Fund direct and in partnership with organisations including Yorkshire Building Society.
6. Engage Mutual has been the title sponsor of the Rugby Super League since 2005 and has extended its agreement to 2010.
7. Engage Mutual announced its entry into the health cash plan market in July 2008 following an agreement of partnership with Wakefield & District Hospital’s Contributory Scheme (WDHCS). Further to this, 30,000 health cash plan customers transferred from Premier Health Benefits (part of WDHCS) to Engage Mutual Insurance Limited.
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