Please find below update from Kerry McMahon-White Head of Police Mutual
As one of our key strategic partners, I would like to share an important update with you about the next phase of growth and development for Police Mutual.
By way of background, in 2020 Police Mutual Assurance Society (PMAS) became part of the Royal London Group (RLG). Royal London ensured that Police Mutual had a more sustainable future and a stronger financial position to continue to operate as a business. At the same time, Royal London also recognised the importance of the core business relationships within the UK Police Service, as well as maintaining the Police Mutual Committee of Management, now named the Oversight Committee, for continuity and to protect the culture and ethos of the business.
When Police Mutual joined the Royal London Group, it was acknowledged that the general insurance and healthcare products sold by Police Mutual, are not central to Royal London’s core business and it was always the intention to carry out a further review to ensure that the Police Mutual business could secure a long-term future with the growth prospects and investment it needs to thrive.
Royal London has announced it has reached agreement with Bspoke Group regarding the sale of the general insurance and healthcare elements of the Police and Forces Mutual businesses (Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI)). It is proposed the entities will be sold together in one transaction (subject to regulatory approval).
Core to the considerations has been finding a buyer with the right strategic and cultural fit, who recognised the heritage of the businesses and its supporting of the UK Police service. On that basis, and following a robust market process, Bspoke Group has been identified as the acquiring firm.
The Bspoke Group specialises in niche affinities and specialist businesses. Their management team has shown a clear drive to continue to nurture and strengthen the relationships with our key business partners and to continue to invest in and grow the type of activity and support that Police Mutual is known for. The Bspoke Group has also confirmed they want to continue to support and harness the ethos and values of Police Mutual through financial education, wellbeing support, and the ongoing sponsorship of events, such as the Police Bravery Awards.
I am pleased to say that the current team and management structure will remain, and I will continue to lead the business. This move will bring increased opportunity and we will be in touch to discuss how we can support you in 2024 and beyond. We believe this is a positive step forward for Police Mutual and its customers and will enable us to grow and develop the products and services we offer to you and your colleagues.
Customers’ and Police Mutual colleagues are expected to transfer to Bspoke in early 2024. There is no immediate change for customers and all servicing and claims will continue to be processed in the usual way.
It remains business-as-usual for the team, and I will provide updates as the sale progresses.