Members of Engage Mutual have voted in favour of a proposed merger with Family Investments, forming one of the UK’s largest mutual insurers with over 2m customers.
Family Investments’ members also voted in support of the move, but the merger remains subject to confirmation by the Prudential Regulation Authority after consultation with the Financial Conduct Authority.
If the deal meets some other conditions it is expected to be concluded in the first half of 2015.
Christina McComb, chairman at Engage Mutual, said: “The Engage board is delighted that our members have chosen to approve the merger, recognising the move really is in their long term best interests.”
Peter Burrows, Engage’s chief executive, added that the merger also secures and enhances the future of the Engage Foundation, with a commitment to providing £5m of funding over the next five years.
The new organisation will appoint Family Investments boss Simon Markey as its chief executive and Ms McComb as chairman.