The proposed merger of medical insurer Exeter Friendly Society and income protection provider Pioneer Friendly Society has been granted FSA and member approval.
The move, which it says has created a “powerful new force in the healthcare sector”, will see both companies continue to trade under their existing names for the time being.
Former Pioneer chief executive Andy Chapman will head the enlarged group, while Roger Cawse, formerly chief executive at Exeter, becomes managing director.
Chapman says: “We are delighted that members have overwhelmingly embraced this change and recognised the huge potential of the new organisation.
“We have exciting plans; a vision of unique ‘next generation’ healthcare products, backed by first class service levels. We believe our combined skills, expertise and experience will make this vision possible.
“Both Pioneer and Exeter are well respected within their fields of expertise; we’re confident we can build on this reputation and make the most of the opportunity that this market represents.”
Roger Cawse adds: “The very good cultural fit of two mutual organisations leaves us in a strong position to develop consumer centric product and service propositions, relevant to today’s changing lifestyles and demands.
“In addition, we will be looking to identify other like minded organisations to continually push the business forward.”
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