Mutual insurers Engage Mutual and Family Investments are set to merge into one of the UK’s largest mutual groups.
The new insurer would have more than two millions customers and assets under management of around £6bn. The deal will only be confirmed once both Engage and Family customers – who own the firm – agree to the merger when it is put to a vote in the next few weeks.
Engage chair Christina McComb is expected to chair the new organisation, with Family chief executive Simon Markey as chief executive.
McComb says: “We believe that combining our businesses would demonstrate the value of the mutual model through consolidation of our considerable individual financial strengths while maximising joint skills and capabilities to deliver a broader range of products and services to help families of all ages at key life stages.”