The Royal London Mutual Insurance Society Limited (Royal London) today announces that, following receipt of all required approvals, it has sold the general insurance and healthcare elements of the Police and Forces Mutual businesses, Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI), to Bspoke Group.

For further information please contact:

Lora Coventry, Senior PR Strategy Manager

Email: lora.coventry@royallondon.com

Mob: 07919 170673

Notes to Editors

Original announcement from 29 November 2023 – Royal London announces sale of Police Mutual Healthcare and General Insurance businesses to Bspoke Group 

About Royal London

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023.

About the Bspoke Group 

The Bspoke Group brings together a collection of multi-class niche and specialist MGA insurance businesses, each clearly focussed on individual product specialisms and run by highly experienced and technically skilled underwriting teams. Their product range includes property, leisure, lifestyle, commercial and trades, haulage and transportation and they are able to offer distribution options for brokers, affinities and schemes.

Their structure and focus on IT and data enables the Group to operate as a ‘virtual Insurer’, with full sales, underwriting, pricing, business intelligence and reserving capability, and is uniquely positioned to understand, manage and deliver superior performance outcomes for their business partners. By being focussed on long term and profitable underwriting, they are proud to have built strong relationships with their ‘A’ rated capacity providers. These partnerships provide support and flexibility for innovation, the appetite to drive new trading opportunities and delivers the financial strength and consumer protection you would expect from market leading insurers.

The Bspoke Group head office is based in Leeds, West Yorkshire with subsidiary offices in Shropshire, Gloucestershire, Essex and London.

Bespoke website – bspokegroup.co.uk

I am delighted to inform you that we have today completed on the sale of the Forces Mutual business to Bspoke Insurance Group Limited (Bspoke Group).

The move helps protect the long-term future of Forces Mutual, so that we can invest and grow to better serve the ever-changing needs of the Military family.

Bspoke Group are based in Leeds and bring together a collection of specialist insurance businesses to offer a wide range of products and services both direct to customers and to other companies. Bspoke Group have a deep understanding of the Forces Mutual business and its ethos and the importance of protecting them to allow the brand to flourish in the future.

Why is the sale good news?

• Today’s announcement enables us to grow and invest in our customers and the financial wellbeing of the Military family for the long-term
• The Bspoke Group are committed to the Forces Mutual brand and will continue to support the values of the brand through financial education, wellbeing support and ongoing sponsorship of Military events

What does this mean to you?

If you hold a product with us, there will be no changes. You will retain your existing policy number and can continue to make payments in the same way.

You will still be able to interact with Forces Mutual in the same way you have been used to, using both our website www.forcesmutual.org or by contacting our Customer Services teams or your local Advisor.

Please be assured that this sale has no impact on how your personal data is used. We have updated our privacy policy to reflect the sale and you can view a copy here.

I hope you agree that this is an exciting new chapter for Forces Mutual and I look forward to sharing more updates with you in the coming months.

Kerry McMahon-White
Managing Director – Forces Mutual

PMGI Limited, trading as Forces Mutual is authorised and regulated by the Financial Conduct Authority. Financial Services Register No. 114942. Registered in England & Wales No.1073408. Registered office: Brookfield Court, Selby Road, Leeds, LS25 1NB. For your security, all telephone calls are recorded and may be monitored.

The Royal London Mutual Insurance Society Limited (Royal London), the UK’s largest life, pensions, and investment mutual today announces 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)).

The transaction will see over 250,000 general insurance policies and c16,000 healthcare policies transfer to Bspoke Group, subject to regulatory approval.

Siobhan Barrow, UK Distribution Director commented:

“We are delighted to have reached agreement with Bspoke Group on this transaction on the general insurance and healthcare elements of the Police and Forces Mutual businesses.

“These are not central to our core business of protection, long-term savings and asset management. Customers will be better served by an expert in those GI and Healthcare markets. Central to our considerations has been finding a buyer with the right strategic and cultural fit, and who recognised the heritage of the businesses.”

Tim Smyth, Bspoke Group CEO, said:

“With a 150-year history, PMCH and PMGI are both highly regarded and trusted names within the police and military sectors, and we are thrilled to have secured their purchase.

“This type of specialist product fits perfectly within the Bspoke Group portfolio. It was always our intention to combine organic growth with acquisitions where they have a clear strategic fit to our long term aims.”

Customers’ policies and impacted 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.

Royal London and Bspoke will provide updates to customers as the sale progresses.

For further information please contact:

Lora Coventry, Senior PR Manager

Email: lora.coventry@royallondon.com

Mob: 07919 170673

About Royal London

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023.

About the Bspoke Group 

The Bspoke Group brings together a collection of multi-class niche and specialist MGA insurance businesses, each clearly focussed on individual product specialisms and run by highly experienced and technically skilled underwriting teams. Their product range includes property, leisure, lifestyle, commercial and trades, haulage and transportation and they are able to offer distribution options for brokers, affinities and schemes.

Their structure and focus on IT and data enables the Group to operate as a ‘virtual Insurer’, with full sales, underwriting, pricing, business intelligence and reserving capability, and is uniquely positioned to understand, manage and deliver superior performance outcomes for their business partners. By being focussed on long term and profitable underwriting, they are proud to have built strong relationships with their ‘A’ rated capacity providers. These partnerships provide support and flexibility for innovation, the appetite to drive new trading opportunities and delivers the financial strength and consumer protection you would expect from market leading insurers.

The Bspoke Group head office is based in Leeds, West Yorkshire with subsidiary offices in Shropshire, Gloucestershire, Essex and London.

Bespoke website – bspokegroup.co.uk

s recently announced, Forces Mutual have partnered with the RAF Benevolent Fund as Corporate Members.

As a financial ally to the Armed Forces community, we have committed to helping the RAF Benevolent Fund to stand side-by-side with the RAF Family. Our commitment will help to continue to support members of the RAF Family emotionally, financially and physically for years to come.

Our donation to the RAF Benevolent Fund will mean they can offer the following services:

• Running of 1 Telephone Friendship Group for 26 months
  • Read more about Telephone Friendship Groups
• 22 months of care home top up fees for an individual
  • Read more about care home fees
• 23 grants for white goods
  • Read more about support with day to day living
• 8 financial assistance grants
  • Read more about financial support
• 3 grants for an electric scooter, including the maintenance
  • Read more about mobility equipment
• 32 Occupational Therapist assessments
• 116 weeks of support for an individual receiving domiciliary care
  • Read more about financial support for care at home
• 5 grants for a riser recliner chair
  • Read more about aids for the home
• 3 grants for a riser recliner bed
• 3 grants for a stairlift
  • Read more about home adaptions
• 12 grants for bathroom equipment, e.g. rails and hoists
• 5 grants to cover funeral expenses
  • Read more about bereavement support
• 10 years’ worth of domestic assistance for an individual/10 individuals being supported for a year
• 12 children / young people, being supported through a course of counselling (12 sessions)
  • Read more about Mental Health
• 11 children able to attend Airplay for a year
  • Read more about Airplay
• 166 hours of counselling sessions – available to individuals and couples
  • Read more about this support
• 154 sessions of talking therapy
• 94 sessions of CBT
• 181 sessions of guided self-help

To find out more about the RAF Benevolent Fund visit their website

Following regulatory approval, we are delighted to announce that we have today completed the transfer of the Police Mutual group of companies to The Royal London Mutual Insurance Society Limited (Royal London).

As you are aware, Forces Mutual is part of the Police Mutual group of companies which have transferred to Royal London.

The transfer was approved by the Prudential Regulation Authority on the basis that it is satisfied that it is in the interests of members, taking into account any concerns raised during the member and customer representation period.

Here is a short welcome video from Jerry Toher, Chief Executive of the Consumer Division at Royal London:

Why has Police Mutual and Forces Mutual transferred to Royal London?

Becoming part of Royal London provides a sustainable future for the Police Mutual group of companies as part of a larger, stronger business and preserves what our customers value most about Forces Mutual.

Our mutuality is an important part of who we are.

Like us, Royal London is a non-shareholder organisation, founded on strong ethics and values, where profits are reinvested to create financial and social returns for members, customers and the wider community.

The transfer to Royal London provides a strong financial base for our business, along with a broader business mix and wider range of products for our customers.

Royal London is committed to the Forces Mutual and Police Mutual brands.

Why is this positive news?

Today’s news will enable us to continue to serve, and improve the financial wellbeing of, our customers in the Military family for the long-term.

Partnering with the UK’s largest mutual life, pensions and investment company provides the opportunity to create better customer offerings and allows improvements to service and propositions, as well as providing wider support for the Military family.

What does this mean for products?

As a reminder, the terms of existing products do not change. There will be no change to the contractual benefits for any policyholders as a result of the transfer.

Naturally, over time and in the future, products and services will evolve and change to meet market needs.

As you are aware, Forces Mutual is part of the Police Mutual group of companies. Police Mutual is proud of its long heritage serving the Police family and is ready to take the next vital step in its journey.

That next step is a proposal that the Police Mutual group of companies become part of The Royal London Mutual Insurance Society Limited (Royal London), the UK’s largest mutual life insurance, pensions and investment company. Royal London is a strong mutual organisation that has committed to our goal of improving the financial wellbeing of the Military and Police families.

Policies unchanged
The terms and conditions of your policies will not change as a result of the proposal.

Better offerings
The proposal would make us part of a larger, stronger business that has a broader business mix and offers a wider range of products. This partnering with the UK’s largest mutual insurer gives the opportunity to create better customer offerings and allow improvements to service and propositions and wider support for the Military and Police families.

Next steps
We will write to our members and customers with more information in mid-June, following a vote on the proposal by our network of Police Mutual member representatives in all the Police forces across the country.