UK ICMIF member OneFamily has announced that it will be acquiring Beagle Street by the end of the year, in a deal that will see the mutual expanding its product range and the support it can give to its members.
Beagle Street, part of BGL Insurance, specialises in affordable, simple to purchase life and critical illness insurance. Its products are designed for people who know they need to protect their families but are put off by the expense, complexity and the time it usually takes to buy life insurance.
OneFamily’s CEO, Teddy Nyahasha (pictured, presenting at the ICMIF Centenary Conference in Rome) said, “We know that nearly seven in 10 people have no life insurance¹ – perhaps because they simply cannot afford the premiums or see life insurance as too difficult to think about. But as we enter a period of growing uncertainty for families over the coming year, protecting against life’s big challenges becomes even more important – particularly for the financially vulnerable.
“Everyone should have access to affordable life cover, it’s a basic financial need for anyone encountering a major life event such as the birth of their first child or getting a foot on the housing ladder.
“As a champion of the underserved, OneFamily has been looking for ways to try to help this.
“So, we are delighted to welcome Beagle Street to OneFamily. What really appealed to us about Beagle Street was the commitment in the business to doing the right thing and delivering great service to people at a time when they need it the most.
“It’s a great fit for us, bringing two established insurance brands together under one roof, allowing us to build the scale in life insurance that we’ve successfully achieved in children’s savings.
“We’re a socially responsible company so, as part of our vision of Inspiring Better Futures, OneFamily wants to be able to reach more families and give them the peace of mind that they deserve.
“And I’m excited to say that Beagle Street will help us to do that.”
Alistair Rose will continue as the Managing Director of Beagle Street as the company moves over to OneFamily. He said, “This is a fantastic opportunity for Beagle Street, bringing together two like-minded organisations that have customers right at the heart of everything they do – it’s a perfect match for us.
“OneFamily’s values and mutual ethos are absolutely in tune with who we are as an organisation, we both want to serve the underserved and provide them with excellent service. I’m looking forward to working with the OneFamily team as we build towards the future and expand the life insurance market to reach even more people.”
Supporting members and their communities
As a mutual, OneFamily is owned by its members for its members – and doing right by them is at the heart of its business.
It does not have shareholders to pay dividends to, so it reinvests profits to provide quality products and services for the benefit of its members. OneFamily has provided more than GBP 4.75 million in grants since 2015 through its personal and community-based funding initiatives – supporting over 390 great causes and improving the lives of more than 3,200 people through its individual grants. Community funding has supported dementia charities, homeless projects and provided work for young people with learning disabilities as well as funding projects such as the renovation of swimming pools and parks.
¹ FCA Financial Lives Survey 2020 p60 “Even the most common, life insurance, was held by only three in 10 (31%)”