Harrogate, United Kingdom (16 August, 2011) – Engage Mutual, one of the larger UK mutuals providing simple, value for money savings, protection and investment products, recently announced its acquisition of National Friendly’s sales team and ongoing rights to the ‘One Fund’ health cash plan.
The addition of an experienced sales team and a differentiated health cash plan for the corporate market builds on the growth of Engage Mutual’s health business to date, and further reinforces the Yorkshire based mutual’s commitment to the health market.
Since entering this market in July 2008, the current annual premium income has grown to more than £7m. The launch of One Fund is expected to provide further growth, being distributed through a select panel of brokers and Employee Benefit Consultancies into the SME corporate arena, in addition to the current direct marketing offering.
Andrew Haigh, Chief Executive at Engage Mutual commented: “This is a significant step forward in establishing Engage Mutual as a key player in the UK healthcare market, building on our substantial growth and strong performance over the last 12 months.
“As a mutual, we are driven by the needs of consumers, and One Fund offers a genuinely customer focused proposition, benefiting both the claimant and the employer, who can be confident that the flexible nature of the benefits will contribute to a healthier workforce.”
One Fund has proved popular due to its high level of flexibility for employees, who can choose to spend the annual fund allocated to them on either a single benefit, or across the range of benefits covered by the plan, as dictated by their health needs. This feature differentiates it from many other cash plans. The product could offer a solution to those struggling to cope with ever increasing PMI costs by helping fill the gap that exists between lower cost PMI and the higher end of health cash plans
These developments should be an encouraging sign to brokers, adding further insurer choice and product innovation at a time when there have been a number of recent closures and mergers in the market.
Editor’s notes:
Engage Mutual’s over 50s life cover plan, easy save, junior easy save, protected investment bond are provided by Homeowners Friendly Society Limited (HFSL). HFSL is Registered and Incorporated under the Friendly Societies Act 1992, Registered number 964F. HFSL is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 110072.
Engage Mutual’s child trust fund is provided by Engage Mutual Funds Limited (EMFL), Registered number 3224780. EMFL is a wholly owned subsidiary of HFSL and Authorised Corporate Director of Engage Mutual Investment Funds ICVC. Engage Mutual Investment Funds ICVC is an investment company with variable capital. Registered in England number IC00044. EMFL is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 181487.
Engage Mutual’s health cash plan is provided by Engage Mutual Health (EMH). Registered number 515058 of 14 St Cuthbert’s Street, Bedford, Bedfordsire MK40 3JU. EMH is a wholly owned subsidiary of Engage Health Holdings Limited (EHHL), which is a wholly owned subsidiary of HFSL. EMH is authorised and regulated by the Financial Services Authority (FSA). EMH’s FSA Register number is 202311. Engage Mutual Health has offices in Harrogate and Bedford.
You can view our details on the FSA’s register http://www.fsa.gov.uk/register/firmSearchForm.do or by contacting the FSA on 0845 606 1234.
Engage Mutual Services Limited (EMSL) is a non-regulated wholly owned subsidiary of HFSL. EMSL is an appointed representative of EMIL. Registered number 3088162.
The following are non-regulated wholly owned subsidiaries of HFSL.; Engage Mutual Administration Limited (EMAL) – Registered number 4301736; Engage Mutual Services Limited (EMSL) – Registered number 3088162; Engage Health Holdings Limited (EHHL) – Registered number 71124.
Engage Mutual Assurance is a trading name of HFSL, EMFL, EMIL, EMH, EHHL, EMAL and EMSL.
About Engage Mutual:
Engage Mutual is one of the larger UK mutuals providing simple, value for money savings, protection and investment products to more than 500,000 customers. Engage Mutual prides itself on being a family-oriented, modern mutual, providing products that help enable households of all kinds to plan their finances to help meet their future needs. Engage Mutual has been the title sponsor of the Rugby Super League since 2005 and has extended its agreement to 2011. More information on Engage Mutual is available at www.engagemutual.com.
Contact:
Kathryn McLaughlin
Engage Mutual Assurance
Tel: 01423 855245 / mob 07794 283788
Post: Engage Mutual Customer Service Department
Hornbeam Park Avenue
Harrogate
HG2 8XE
Tel: 0800 169 4321
International tel: +44 1423 855 000
Email: mail@engagemutual.com
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