Family Assurance Friendly Society is to merge with Pois Assurance. Pois, an incorporated friendly ...
Family Assurance Friendly Society is to merge with Pois Assurance.
Pois, an incorporated friendly society based in Crawley, West Sussex, has 88,000 policies and manages funds worth almost £150m. Membership of the mutual society is open to all but its primary aim is to provide savings, life assurance and investment opportunities for employees of the Post Office, British telecom, Civil Service and allied organisations.
On ratification of the transfer, expected to be 2 April, Family Assurance will provide a capital injection of £2m to Pois. The Pois with-profits fund will be ring-fenced to ensure its continued management and expense limitation protects existing policyholders.
The Pois brand and distribution channels, driven from its existing head office in Crawley, will continue. John Reeve, chief executive of Family Assurance, said: 'Our long-term aim is to be a dominant provider of regular tax-exempt savings and this acquisition takes us a step nearer our goal.'
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