A trade body for mutual insurers is set to be launched this week.
The new body, which is understood to be called the Association of Mutual Insurers, is believed to be headed by International Co-operative Mutual Insurance Federation chief executive Shaun Tarbuck.
The launch comes as a cross-party group of MPs – the all-party group for building societies and financial mutuals, which includes Tory MP Howard Flight and Labour MP Andrew Love – investigate the future for mutuality.
The new body will be coming into a market already rocked by mutual giant Standard Life's decision earlier this year to move towards demutualisation.
Building Societies' Association spokeswoman Rachel Blackmore believes that the relationship between the AMI and the ABI will be similar to that between the BSA and the CML.
Blackmore says: “We look forward to working with the AMI on issues of interest for all mutuals. Although many insurers have pretty much the same issues across the board, there are different aspects for mutuals, for example, corporate governance and relationships with members.”