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Daily Insurance Industry News
Sunday 26th of May 2019
December 1, 2010

Ecclesiastical completes funds transfer to Engage Mutual

by Brian Turner

Story link: Ecclesiastical completes funds transfer to Engage Mutual

Specialist insurer Ecclesiastical has completed the transfer of its With Profit and most of its Non Profit Life funds to Homeowners Friendly Society Limited (trading as Engage Mutual Assurance).

The transfer was approved by the High Court on 26th November and took effect yesterday, 30th November 2010 at 11:59pm.

Engage Mutual has acquired Ecclesiastical Life Limited’s protection, endowments, with profits bonds, pensions and annuity business. Ecclesiastical retains its financial advisory and funeral plan businesses, both of which are seen as growth areas for the company.

Steve Wood, Managing Director for Ecclesiastical’s UK and Ireland business, said: “The transfer is a result of a strategic review of our life business carried out in early 2009. We are delighted to have transferred our life funds to Engage Mutual who are company with a similar customer service ethos to Ecclesiastical. This transfer also helps us to stay focused as a specialist insurer.”

Existing staff from Ecclesiastical Life customer services team will move to Engage Mutual from 1st December 2010. The team will continue to be based in Gloucester.

 

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