Bspoke Group expands policy book with personal lines acquisitions

Bspoke Group has revealed that it will add thousands of new customers to its policy book after acquiring two businesses from The Royal London Mutual Insurance Society.

A statement released today (29 November 2023) revealed that Bspoke had snapped up Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI) as part of its growth strategy within the niche market.

The deal will see over 250,000 general insurance (GI) policies for ancillary products, such as military kit and personal accident, join the group as well as 16,000 healthcare policies.

“With a 150-year history, PMHC and PMGI are both highly regarded and trusted names within the police and military sectors and we are thrilled to have secured their purchase,” Tim Smyth, Bspoke chief executive, said.

“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.”

People moves

This is the second acquisition for the specialist insurance managing general agent (MGA) group following their buy-out in October 2022.

As part of the deal, a total of 140 colleagues across PMGI and PMHC are expected to transfer across to become part of Bspoke under Tupe arrangements in the New Year.

Siobhan Barrow, Royal London UK distribution director, said customers “will be better served by an expert in those GI and healthcare markets”.

“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,” she added.

“These are not central to our core business of protection, long-term savings and asset management.

“Central to our considerations has been finding a buyer with the right strategic and cultural fit and who recognised the heritage of the businesses.”