Engage Mutual announces today that, following the board’s recommendation to merge with Family Investments, the members of Engage Mutual have voted in favour of the proposed merger, which will form one of the UK’s largest mutual insurers with over two million customers.
Family Investments’ members have also voted in support of the move, paving the way for the creation of a larger, stronger mutual focused on the changing needs of UK families.
The merger remains subject to confirmation by the PRA after consultation with the FCA, and to meeting other conditions, and is expected to be concluded in the first half of 2015. The new organisation will focus on helping families work together across generations, to save, invest and protect.
Engage Mutual chairman Christina McComb said: “The Engage board is delighted that our members have chosen to approve the merger, recognising the move really is in their long term best interests.
“Subject to appropriate regulatory approvals, the merger will accelerate our strategic intent to create a customer-owned business that delivers unmatched value, service and customer benefits.”
Engage Mutual chief executive Peter Burrows said: “What matters to us is what matters to our customers – and our customers have had their say.
“The merger with Family Investments will allow us to deliver greater value, long term strength, and make a positive and personal difference to the lives of our customers and their families.
“The merger also secures and enhances the future of the Engage Foundation, with a commitment to providing £5m of funding over the next five years.
“This will significantly expand the Foundation and the opportunities it provides to our customers to benefit from personal grants and community awards.”
The two organisations will now begin to work even more closely together to realise the benefits presented by the merger, which is expected to conclude in the first half of 2015.
Family Investments’ chief executive Simon Markey said: “We are delighted that our members have voted in favour of this momentous merger with Engage Mutual.
“We look forward to realising our shared vision of a truly modern mutual for families.”