Money Marketing revealed last month that Sara and her husband Simon were planning to set up their own provider. Sara will work on the new business alone from October but MM understands Simon plans to leave British Insurance to join the business as joint managing director next year. He declined to comment.
The British Life Office will offer life insurance, income protection, accident sickness and unemployment cover and health insurance but not critical-illness cover due to Burgess’s concerns over limitations. They will be available via intermediaries and direct to the public on the internet.
The pair are understood to have netted £25m through the sale of British Insurance to Towergate in January 2008. The British Life Office was set up in 1896 and was bought by Reliance Mutual in 1958. The brand has been dormant since 2004. Sara Burgess says: “This is a heritage company that has been around for 113 years and it will have old-fashioned values delivered through cutting-edge technology. IFAs can be reassured there will be no dual-pricing.”