OneFamily said that the acquisition will allow the mutual to expand its product range and the support it can give to its members.
Beagle Street is part of BGL Insurance and offers life and critical illness insurance. Currently it offers coverage to around 120,000 families and has paid out £40m in claims.
Alistair Rose will continue as the managing director of Beagle Street as it is integrated into OneFamily. He has been with BGL for over three years and previously worked at The AA and Tesco in senior roles.
OneFamily’s CEO, Teddy Nyahasha, said that according to a survey form the Financial Conduct Authority seven in 10 people did not have life insurance, possibly because they could not afford premiums or found it too upsetting to think about.
He continued that as we are “entering a period of growing uncertainty” life insurance would become increasingly important, especially for those that are financially vulnerable.
Nyahasha added: “Everyone should have access to affordable life cover, it’s a basic financial need for anyone encountering a major life event such as the birth of their first child or getting a foot on the housing ladder.
“As a champion of the underserved, OneFamily has been looking for ways to try to help this. So, we are delighted to welcome Beagle Street to OneFamily. What really appealed to us about Beagle Street was the commitment in the business to doing the right thing and delivering great service to people at a time when they need it the most.”
He said it was “great fit” and brought two established insurance brands together which would allow them to “build the scale in life insurance that we’ve successfully achieved in children’s savings”.
“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 noted.
Rose added: “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, continued: “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.”
