Holloway Friendly and Wiltshire Friendly have announced a proposal to merge subject to regulatory approval.
This is the second merger of UK mutuals announced this year following OneFamily and Scottish Friendly’s merger in February.
Holloway Friendly told Health & Protection Wiltshire Friendly members will join Holloway Friendly.
The merged business will continue to operate as Holloway Friendly serving over 33,000 members following the effective date of the transfer.
Holloway Friendly will own the Wiltshire Friendly brand moving forward, however it has not yet been determined if the Wiltshire Friendly brand name will be retained.
No job losses
The existing Holloway Friendly leadership team will remain in place, but it is expected Jon Gratland, CEO of Wiltshire Friendly, will retire post the effective date of the transfer.
It is also expected that the Wiltshire Friendly team will join the Holloway Friendly team on the effective date without any job losses.
Holloway Friendly was founded in 1875 by a businessman and MP George Holloway from Stroud in Gloucestershire and offers income protection insurance products.
It had 29,406 IP members in 2024 and sold 6,258 sales that year, according to Health & Protection’s most recent Individual & Business Protection Report.
According to its 2024 claims report, the mutual paid out more than £5.13m to members, a 20% rise on the previous year.
The mutual supported over 600 members who were too unwell to work, with conditions ranging from anxiety to arthritis, and from fractures to fatigue.
Musculoskeletal and mental health issues remained the most common reasons for claims, with claimants ranging in age from just 19 to 64.
It made 96.5% of claims decisions within 30 days and said 99.8% of claimants were contacted within 24 hours, with a claims paid rate of 88.3%, up from 86.3% the year before.
Serving sports people
Located in Trowbridge, Wiltshire Friendly provides income replacement plans to individuals, employers for the benefit of their employees and amateur, semi-professional and professional rugby players.
A member of the Association of Financial Mutuals (AFM), the Society is owned by its 3,918 members and had assets of over £16.1m as of December 2022.
In 2024, it paid 99.25% of all claims paid in 2024, with 97.42% of all claims paid in 2022-2024 inclusive.
Members received £557,000 in claims payment last year, supporting members serious illnesses such as heart attacks, neurological illnesses and cancer, short term incapacity such as hip replacements, Covid-19 and chest infections, mental health conditions including depression, and anxiety and accidents that occurred during leisure activities or at work.
Significant opportunity
Ben Pears, CEO at Holloway Friendly, said: “Wiltshire Friendly and Holloway Friendly share a proud mutual history and the same purpose.
“This is a significant opportunity to build a stronger, more sustainable mutual for our member-focused organisation.
“Wiltshire Friendly shares our values, our heritage and our commitment to doing the right thing for our members.”
Jon Gratland, CEO at Wiltshire Friendly said: “Our organisations have a natural alignment in purpose and culture.
“This merger allows us to build on our respective strengths and create a mutual that is in a better position for the future.
“Our focus throughout will be on delivering long-term value for members, supporting our staff and maintaining the high standards of service both mutuals are known for.”
