OneFamily to acquire UK life insurance brand Beagle Street

UK financial services company OneFamily is to acquire the life insurance brand Beagle Street from BGL Insurance.

Beagle Street, which specialises in life and critical illness cover, is designed for insureds who would otherwise be put off by the cost, hassle or complexity of traditional life insurance options. Peterborough-based BGL Group had been looking for a buyer for Beagle Group having spent 10 years building up its profile and customer base, not least through a series of recent television campaigns.

Alistair Rose will continue as Managing Director of Beagle Street. OneFamily intends to use the brand to reach more underserved life insurance customers. The customer-owned financial services company is already the UK’s biggest provider of child trust funds with over 25% market share, and it had £7.3bn in total funds under management at the end of 2021.

Deal will help OneFamily reach more underserveds

OneFamily CEO Teddy Nyahasha says: “We know that nearly seven in 10 people have no life insurance – perhaps because they simply cannot afford the premiums or see life insurance as too difficult to think about. But as we enter a period of growing uncertainty for families over the coming year, protecting against life’s big challenges becomes even more important – particularly for the financially vulnerable.

“We are delighted to welcome Beagle Street to OneFamily. What really appealed to us about Beagle Street was the commitment in the business to doing the right thing and delivering great service to people at a time when they need it the most.

“It’s a great fit for us, bringing two established insurance brands together under one roof, allowing us to build the scale in life insurance that we’ve successfully achieved in children’s savings. We’re a socially responsible company so, as part of our vision of ‘Inspiring Better Futures’, OneFamily wants to be able to reach more families and give them the peace of mind that they deserve. And I’m excited to say that Beagle Street will help us to do that.”

Peter Thompson, CEO of BGL Insurance, adds: “I am immensely proud of the strong life insurance business we’ve developed over the past 10 years, significantly challenging and changing what was, historically, a slow and cumbersome process for customers.

“The business has huge potential, and it was important for us to find a buyer who understood the complexities of the life market and shared the same growth ambitions. I’m excited to see Beagle Street thrive as part of the OneFamily Group.”