This article was published on Fri 01 Mar 2024. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

I am delighted to share that we have today completed on the sale of Police Mutual’s general insurance and healthcare business to Bspoke Insurance Group Limited (Bspoke Group).

The move helps protect the long-term future of Police Mutual, so that we can invest and grow to better serve the ever-changing needs of the Police community.

Bspoke Group is based in Leeds and bring together a collection of specialist insurance businesses  offering a wide range of products and services both direct to customers and to other companies. Bspoke Group has a deep understanding of the Police Mutual business and its ethos and the importance of protecting them to allow the brand to flourish in the future.

Why is this sale good news?

• Today’s announcement enables us to grow and invest in our customers and the financial wellbeing of Police colleagues for the long-term
• Bspoke Group is committed to the Police Mutual brand, and they want to continue to support the values of Police Mutual through financial education, the Police Mutual Foundation, which includes respite breaks and careline and the ongoing sponsorship of UK events
• The additional investment and support provided by Bspoke Group will allow us to develop our products and services so that we can continue to meet your needs

What does this mean to you?

As a Police Mutual customer, you’ll still deal with us in the same way as you have always done. There will be no changes to the general insurance and healthcare products you hold with us. You will retain your existing policy number and can continue to make payments in the same way.

Police Mutual customers who hold long-term savings, life and/or pensions products are not part of the sale to Bspoke Group and will remain part of the Royal London Group who is best placed to support customers with these types of products.

You will still be able to interact with Police Mutual in the same way you have been used to, using both our website www.policemutual.co.uk and by contacting our customer services teams.

Please be assured that this sale has no impact on how your personal data is used, we have updated our privacy policy to reflect the sale and you can view a copy here.

I hope you agree that this is an exciting new chapter for Police Mutual and I look forward to sharing more updates with you in the coming months.

Kerry McMahon-White

Managing Director – Police Mutual

PMGI Limited, trading as Police Mutual is authorised and regulated by the Financial Conduct Authority. Financial Services Register No. 114942. Registered in England & Wales No.1073408. Registered office: Brookfield Court, Selby Road, Leeds, LS25 1NB.

This article was published on Fri 01 Mar 2024. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

The Royal London Mutual Insurance Society Limited (Royal London) today announces that, following receipt of all required approvals, it has sold the general insurance and healthcare elements of the Police and Forces Mutual businesses, Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI), to Bspoke Group.

For further information please contact:

Lora Coventry, Senior PR Strategy Manager

Email: lora.coventry@royallondon.com

Mob: 07919 170673

Notes to Editors

Original announcement from 29 November 2023 – Royal London announces sale of Police Mutual Healthcare and General Insurance businesses to Bspoke Group 

About Royal London

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023.  

About the Bspoke Group 

The Bspoke Group brings together a collection of multi-class niche and specialist MGA insurance businesses, each clearly focussed on individual product specialisms and run by highly experienced and technically skilled underwriting teams. Their product range includes property, leisure, lifestyle, commercial and trades, haulage and transportation and they are able to offer distribution options for brokers, affinities and schemes.

Their structure and focus on IT and data enables the Group to operate as a ‘virtual Insurer’, with full sales, underwriting, pricing, business intelligence and reserving capability, and is uniquely positioned to understand, manage and deliver superior performance outcomes for their business partners. By being focussed on long term and profitable underwriting, they are proud to have built strong relationships with their ‘A’ rated capacity providers. These partnerships provide support and flexibility for innovation, the appetite to drive new trading opportunities and delivers the financial strength and consumer protection you would expect from market leading insurers.

The Bspoke Group head office is based in Leeds, West Yorkshire with subsidiary offices in Shropshire, Gloucestershire, Essex and London.

Bespoke website – bspokegroup.co.uk

This article was published on Wed 29 Nov 2023. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

The Royal London Mutual Insurance Society Limited (Royal London), the UK’s largest life, pensions, and investment mutual today announces it has reached agreement with Bspoke Group regarding the sale of the general insurance and healthcare elements of the Police and Forces Mutual businesses (Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI)).

The transaction will see over 250,000 general insurance policies and c16,000 healthcare policies transfer to Bspoke Group, subject to regulatory approval.

Siobhan Barrow, UK Distribution Director commented:

“We are delighted to have reached agreement with Bspoke Group on this transaction on the general insurance and healthcare elements of the Police and Forces Mutual businesses.

“These are not central to our core business of protection, long-term savings and asset management. Customers will be better served by an expert in those GI and Healthcare markets. Central to our considerations has been finding a buyer with the right strategic and cultural fit, and who recognised the heritage of the businesses.”

Tim Smyth, Bspoke Group CEO, said:

“With a 150-year history, PMCH and PMGI are both highly regarded and trusted names within the police and military sectors, and we are thrilled to have secured their purchase.

“This type of specialist product fits perfectly within the Bspoke Group portfolio. It was always our intention to combine organic growth with acquisitions where they have a clear strategic fit to our long term aims.”

Customers’ policies and impacted colleagues are expected to transfer to Bspoke in early 2024. There is no immediate change for customers and all servicing and claims will continue to be processed in the usual way.

Royal London and Bspoke will provide updates to customers as the sale progresses.

For further information please contact:

Lora Coventry, Senior PR Manager

Email: lora.coventry@royallondon.com

Mob: 07919 170673

About Royal London

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023.

About the Bspoke Group 

The Bspoke Group brings together a collection of multi-class niche and specialist MGA insurance businesses, each clearly focussed on individual product specialisms and run by highly experienced and technically skilled underwriting teams. Their product range includes property, leisure, lifestyle, commercial and trades, haulage and transportation and they are able to offer distribution options for brokers, affinities and schemes.

Their structure and focus on IT and data enables the Group to operate as a ‘virtual Insurer’, with full sales, underwriting, pricing, business intelligence and reserving capability, and is uniquely positioned to understand, manage and deliver superior performance outcomes for their business partners. By being focussed on long term and profitable underwriting, they are proud to have built strong relationships with their ‘A’ rated capacity providers. These partnerships provide support and flexibility for innovation, the appetite to drive new trading opportunities and delivers the financial strength and consumer protection you would expect from market leading insurers.

The Bspoke Group head office is based in Leeds, West Yorkshire with subsidiary offices in Shropshire, Gloucestershire, Essex and London.

Bespoke website – bspokegroup.co.uk

This article was published on Thu 28 Jan 2021. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

As we enter another lockdown in the fight to get the Coronavirus under control, we find ourselves in the same position as many other organisations with Spring conferences booked. Last year we asked you to hold the date of Thursday 29 April 2021 but so that we are more confident that there is a light at the end of the tunnel and when we are able to meet face to face, we have taken the decision to postpone.

The conference has been re-booked for Thursday 30 September 2021, and still to be held at the Runnymede-on-Thames Hotel near Windsor.

It will be an all-day event as well as an overnight stay on the night of Thursday 30 September.

We are sure you will agree this is the right decision in the current circumstances. More details to follow but in the meantime, please add this new date to your diary.

This article was published on Thu 01 Oct 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Following regulatory approval, we are delighted to announce that we have today completed the transfer of the Police Mutual group of companies to The Royal London Mutual Insurance Society Limited (Royal London).

The transfer was approved by the Prudential Regulation Authority on the basis that it is satisfied that it is in the interests of members, taking into account any concerns raised during the member and customer representation period.

Here is a short welcome video from Jerry Toher, Chief Executive of the Consumer Division at Royal London:

• View video on YouTube

Why has Police Mutual transferred to Royal London?

Becoming part of Royal London provides a sustainable future for Police Mutual as part of a larger, stronger business and preserves what our customers and the Police service value most about Police Mutual.

Our mutuality is an important part of who we are.

Like us, Royal London is a non-shareholder organisation, founded on strong ethics and values, where profits are reinvested to create financial and social returns for members, customers and the wider community.

The transfer to Royal London provides a strong financial base for our business, along with a broader business mix and wider range of products for our customers.

Royal London is committed to the Police Mutual and Forces Mutual brands.

Why is this positive news?

Today’s news will enable us to continue to serve, and improve the financial wellbeing of, our customers in the Police service for the long-term.

Partnering with the UK’s largest mutual life, pensions and investment company provides the opportunity to create better customer offerings and allows improvements to service and propositions, as well as providing wider support for the Police family.

We will continue to work with the Police service and broader Policing organisations to improve the financial wellbeing of serving and retired Police officers and staff and their families.

There will be continued support for a financial education programme, as well as building on the good work of the Police Mutual Foundation, and sponsorship of key events. For example, Royal London is committed to extend our sponsorship of the various Police Bravery Awards for another five years.

This is the start of an exciting new chapter in Police Mutual’s long, proud and evolving history.

What does this mean for products?

As a reminder, the terms of existing products do not change. There will be no change to the contractual benefits for any policyholders as a result of the transfer. This includes guaranteed benefits for with-profits policyholders.

Naturally, over time and in the future, products and services will evolve and change to meet market needs.

Today, 1 October, sees the official launch of the new Police Mutual ISA, which offers exciting benefits and features. Please click here for more information. Police Mutual has a proud heritage of providing regular savings products to enhance the financial wellbeing of customers, and with this new product, this will continue.

This article was published on Thur 23 Jul 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

We are currently in the member and customer representation phase of our proposed transfer to Royal London, which is scheduled to complete on 1 October, subject to regulatory approval.

Several of you have asked what the transfer would mean for your AO role going forward. If the transfer proceeds, the nationwide FAO and AO teams will maintain their vital links to the Police service, providing access to the Police service, representing their customer base and advocating the Police Mutual brand within their force.

So, you will continue to provide a vital voice for the Police family, promoting its best interests and the continued benefits to the Police family of the products and services offered under the Police Mutual brand.

In terms of governance, there will be a structure with representation of the Police service. Although the Police service representation will not have the same decision-making powers as now, it will have an oversight role. It will provide recommendations and feedback on products and services and how the business is run.

A really important part of our model is understanding the needs of our customers and making sure that feeds through into our products and services, and our wider benevolent activities. This is why your work will continue to be vital.

We highly value your support for Police Mutual and look forward to continuing to work with you in the future.

This article was published on Thur 23 Jul 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

We are currently in the member and customer representation phase of our proposed transfer to Royal London, which is scheduled to complete on 1 October, subject to regulatory approval.

Several of you have asked what the transfer would mean for your FAO role going forward. If the transfer proceeds, other than losing the vote element, accepting that this is important, your day-to-day activity and engagement with relationship managers, the business, and with the AO network, is still really key and will remain.

In terms of governance, there will be a structure with representation of the Police service. Although the Police service representation will not have the same decision-making powers as now, it will have an oversight role. It will provide recommendations and feedback on products and services and how the business is run.

While the FAO network will no longer be able to vote on business decisions, you will be able to contribute to decisions taken about the business. You, and our AO teams, will continue to provide a vital voice for the Police family and promote its best interests.

A really important part of our model is understanding the needs of our customers and making sure that feeds through into our products and services, and our wider benevolent activities. This is why your work will continue to be vital.

So, please be assured that you will have a voice. It will be a slightly different voice, but you will definitely be listened to. We highly value your support for Police Mutual and look forward to continuing to work with you in the future.

This article was published on Thur 25 Jun 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Coronavirus has brought many changes to our lives, not least, how we work and communicate.  During this time, the key focus for Police Mutual has been what we can do to help the Police family.

The first step, was to contact to our Members. Over 4,000 Members responded to a short survey about what we could do to help them during this time. The majority (76%) said their main concern was the health and wellbeing of family and friends, but respite breaks, support with debt and the confidential counselling service, all came out as key ways we could continue to offer our support.

At the start of the lockdown, John Perks CEO of Police Mutual, wrote to all Chief Constables outlining what our support would entail. Whilst Government advice meant that we stopped our face to face meetings, educational inputs and events, we have continued to offer help, via the telephone and in the form of a digital version of the welcome letter from our team of Financial Wellbeing Consultants. We have also increased the number of “Definitions and Points to Prove” booklets available to support those Officers returning to, or joining, frontline services. 

Our team of Relationship Managers and Financial Wellbeing Consultants have continued to work with Forces to understand how we can deliver digital versions of our free, tailored financial education programme. We have listened to feedback from the Forces and as a result we are offering virtual classroom sessions and modules to continue to support Forces during this time. Our approach will evolve back to normality as soon as it is safe to do so.

We have contacted over 27,000 Members to reassure them that our team of Mortgage and Protection Advisors would be continuing to offer free advice on mortgage and life protection products over the telephone. We have also contacted over 14,000 Healthcare Policy Holders to notify them that we will continue to authorise consultant appointments during the pandemic.

Our call centre teams are committed to providing uninterrupted levels of service, whilst safely working from home. We have issued a guide for Members about how we will be keeping in touch and tips on keeping in touch with us during lockdown including letting people know there might be a little bit more noise in the background on calls! 

From a wellbeing perspective, we have published several guides offering help and support on wellbeing including looking after your mental health during the pandemic, supporting children during the Coronavirus outbreak, working from home and coping with bereavement. 

In addition, we have produced a dedicated Coronavirus edition of our “Let’s Talk Money” newsletter, an article on how we are helping during the crisis and factsheets detailing how insurance might be affected during the pandemic. 

For our NARPO Members, we have produced specific support, detailing how Police Mutual are here to support them during the crisis and a coronavirus factsheet with everything they need to know about managing their finances during the pandemic. See the latest versions of some of this information here.

We are producing articles on how Police Mutual are helping during the crisis which are featured in our monthly newsletter, ‘On the Beat’ which goes out to over 74,000 members, and also in the Force  Authorised Officer and Authorised Officer newsletter and app.

The debt advice service provided by Payplan continues for those that need support and we have extended the amount of referrals to the CareLine provision, which offers 24/7/365 access to a confidential telephone helpline and a health and wellbeing e-portal and app, along with counselling for those that need it.

On respite breaks, we will be rescheduling all existing respite breaks that have been affected due to lockdown and continued to take referrals for new respite breaks for Officers and families in need.

To make all of the information easier to access, a Coronavirus hub on our website has been set up, giving easy access to all the information here. This has been supported by social media posts on any new information and details of how to contact us during the pandemic.

We also did not forget the families of Officers and Staff too and have produced a Police Mutual children’s activity book for those looking to keep children occupied during lockdown.  Visit the link to download a copy  https://www.policemutual.co.uk/activity/family-activity-pack/

For more information on how Police Mutual have been supporting during the crisis, please go to https://www.policemutual.co.uk/activity/coronavirus/

This article was published on Thur 25 Jun 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Change is not something new to Police Mutual. Almost exactly 100 years ago, in June 1920 at a meeting (the equivalent of the Annual Conference and AGM) of the Police Mutual Assurance Association it was concluded that major alterations were necessary if the concept of a Police Mutual Assurance Society was to survive. With the terrible experience of the war followed by the Spanish flu, of which there were 54 Police Mutual victims, PMAA had a deficit of £336. 16s. 51/2d. and £2000 invested bringing in a modest amount of interest.  To help the situation, death payouts were reduced by 5% to cover expenses and it was recorded as a fraught and worrying period.

At that meeting in June 1920, the sad death of long serving President Mr Stretten (formerly Deputy Chief Constable of Cambridgeshire) was also recorded. Mr Stretten had been a member at the first meeting of the PMAA in Windsor Police station in August 1866 and had a total of 52 years’ service with the PMAA and was known as The Father of the Association.  With the financial position as it was, the Members of the Committee were asked to consider radical changes which involved approaching the Home Secretary to seek support and funding for a new scheme of insurance (supported by an actuary Mr Laing).

Needless to say, the scheme was supported and the Home Office provided funding. The Home Secretary also suggested that the new society be registered as a Friendly Society and that its management expenses should not exceed 5% of income.

Mr Pinkerton then led the task of reconstructing the old Police Mutual Assurance Association to form a new society.  Mr Pinkerton accepted that there would be differences of opinion but said that if the new society commended itself to the Police Forces of Britain, then members of the old one would continue their membership within the new. The old PMAA would continue in name until the new Society had been established. It was noted there was much sadness at its impending end as the final annual report was heard at its last meeting, a decision that gave birth to the new Police Mutual Assurance Society of today. 

So I think we find ourselves in a similar place, looking at the rebirth of the concept of a Police Mutual Assurance Society and commending it to the Police Forces of Britain as part of a larger, stronger Mutual in the form of Royal London.

This article was published on Thur 04 Jun 2020. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

We are delighted to announce that Police Mutual’s Force Authorised Officers (FAOs) have voted unanimously in favour of the proposal that the Police Mutual group of companies become part of Royal London.

The 61 FAOs represent Police Mutual members in the Police forces across the country.

Why are we proposing that Police Mutual becomes part of Royal London?

The financial services industry has changed rapidly over the past few years. This, coupled with a difficult economic environment, has presented some significant challenges, particularly for a relatively small financial services company like Police Mutual.

The landscape in which we now operate means that continuing to offer products would require us to have a stronger financial position.

What happens next?

Signing the Transfer Agreement with Royal London in April and the FAOs vote in favour of the proposal have been the key milestones in the regulatory process and we can now proceed with confidence to the next stages of the process. The Police Mutual group of companies will write to members and customers about the proposal, the result of the FAO vote, and the start of the member and customer representation period.

The member and customer representation period is the timeframe for customers, members and, indeed, anyone else, to provide their views and raise any concerns about the proposal.

Why is this good news?

Becoming part of Royal London, the UK’s largest mutual life insurance, pensions and investment company, will provide a sustainable future for Police Mutual. Police Mutual needs a stronger financial position to continue to operate – Royal London provides that financial strength.

Royal London is a strong mutual organisation that has committed to our goal of improving the financial wellbeing of the Police and Military families.

If the transfer proceeds, as expected, it will also make Police Mutual and Forces Mutual part of a larger, stronger business that has a broader business mix and offers a wider range of products.

Further information is available at this dedicated hub. This includes a Summary of the Terms of the Transfer and the Summary of the Independent Actuary’s report. These can be found by clicking here. There is also an FAQ section setting out answers to some questions you may have. If you want to know how to raise any questions or concerns about the proposed transfer with the PRA, click here.