Combined entity will offer more products to its 200,000 members
Mutual insurer Police Mutual has acquired Forces Financial – provider of financial products to the military and UK police – for an undisclosed sum.
The transaction means that Police Mutual will be able to offer more products to its members and increase its scale.
As well as insurance, Police Mutual offers financial education and support to about 200,000 members of the police service, while Forces Financial offers money and travel products to 180,000 UK police and military members.
Police Mutual commercial director James Henderson said the two firms would be a “good fit” and have a “similar ethos”.
“We have been looking to grow and develop the Police Mutual offering further and identified Forces Financial as a good fit that will ultimately allow us to reach a wider uniformed customer base. The deal will also enable Police Mutual to increase what it offers to its members as well as representing a good investment for them,” he said.
Forces Financial will continue to operate under its existing name in the military sector, but all police savings, investments and financial products and services will fall under Police Mutual.
Forces Financial directors Rob Proudman and Robin Williams will join the Police Mutual executive team.