OneFamily says it will acquire life insurance business Beagle Street by the end of the year, in a deal that will see the financial services mutual boost its product range.
The mutual says Beagle Street sells life and critical illness insurance “to 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 currently sells equity release, over-50s life cover and various savings products. The group was founded in 1975 as the Family Assurance Friendly Society and had 2 million customers with £7.3bn in funds under management at the end of last year.
Beagle Street is owned by digital insurance distributor BGL Insurance, which sells motor, home and life insurance products in partnership with rivals, as well as through its own brands, such as Dial Direct and Budget Insurance.
The mutual says Beagle Street managing director Alistair Rose will remain in post as the business moves across to the new group. The amount OneFamily will pay for Beagle Street is undisclosed.
OneFamily chief executive Teddy Nyahasha says: “We know that nearly seven in 10 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.”
BGL Insurance chief executive Peter Thompson adds: “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.”
Beagle Street’s Rose says: “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.”
