OneFamily is to become the insurer of all new Beagle Street, Budget and Virgin Money term life insurance and critical illness policies from today (Tuesday 19 September).
The financial mutual said the move is the next stage in the integration of the two businesses, following its acquisition of Beagle Street at the end of last year.
OneFamily said the change is a shift for Beagle Street, which previously acted as a distributer of another insurer’s products.
It added that bringing the distribution and insurance elements under the OneFamily umbrella will see both businesses coming together to form a direct insurer and would result in a “more agile and cost-efficient business offering innovative, competitive products that align closely with OneFamily’s socially inclusive ethos”.
Alistair Rose, managing director of Beagle Street, said: “This is the first step in an exciting growth strategy for both Beagle Street and OneFamily’s life and critical illness businesses that will focus on product development and the expansion of our distribution channels.
“This change, along with the ongoing modernisation of our technology, will see Beagle Street significantly growing its footprint and market share, and providing more customers access to life insurance.”