Two mutual organisations have joined the Association of Mutual Insurers (AMI).
The decision to join AMI by Medical Protection Society (MPS) and Dentists Provident Friendly Society has taken AMI's membership to 30 organisations which, in total, now represent £5.9bn in premiums, £83bn in assets and 13.2 million policy holders.
Simon Kayll, MPS finance director, commented: "AMI has become the first trade association to embrace the mutual sector to great effect. Although MPS is a mutual indemnifier rather than an insurer, we strongly support AMI's commitment to promoting corporate governance and its dedication to advancing the principles of mutuality within the financial services industry. "
Ian Passey, chief executive of Dentists Provident, said: "In 2008, Dentists Provident will have been providing financial security for 100 years to dentists who cannot work due to sickness, accident or disability.
"Those same needs exist within the profession today and it is our mutual status that enables us to take the long term view needed to best provide for future generations. AMI is highlighting the importance and relevance of the mutual model in today's society and we are delighted to become members."
