OneFamily has revealed it will be buying life and critical illness insurer Beagle Street by the end of the year.
The mutual said the deal will see it expand its product range and Alistair Rose will continue on as managing director of Beagle Street following the acquisition.
Beagle Street is part of BGL Insurance and the cost of the deal was not disclosed.
Teddy Nyahasha, CEO of OneFamily, (pictured) said the firm was delighted to be completing the purchase of Beagle Street.
“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,“ he said.
“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.”
Nyahasha added that nearly seven in 10 people have no life insurance.
“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,“ he said.
Beagle Street’s Rose 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.”
Peter Thompson, CEO of BGL Insurance, added: “I am immensely proud of the strong life insurance business we’ve developed over the past 10 years, significantly challenging and changing what was, historically, a slow and cumbersome process for customers.
“The business has huge potential, and it was important for us to find a buyer who understood the complexities of the life market and shared the same growth ambitions. I’m excited to see Beagle Street thrive as part of the OneFamily Group.”