Link-up looks after mutual interests

The Association of Friendly Societies and the Association

of Mutual Insurers merged to form the combined Association of Financial Mutuals, which became active on January 1.

Martin Shaw, the chief executive, said: "2010 will be an important year for the mutual industry. The mutual sector has proved its strength through the recent financial crisis, continuing to innovate and provide value to its customers and we need to keep on doing this.

"There are many prevalent issues on our agenda but not least will be to continue to promote the values of the mutual sector to our customers and the public at large.

"It will also be of paramount importance to protect what mutuals stand for and ensure the Government supports and recognises some of our initiatives, such as the corporate governance code we have developed.

"As a single association that speaks for over 98 per cent of all mutual insurers, the new AFM will be able to engage even more effectively with the Government, regulators and other policymakers.

"We will also be in a better position to communicate the benefits of the mutual model to existing and potential policyholders.

"Both the AFM board and the member organisations look forward to building on the previous successes of the AFS and AMI and leading the mutual sector forward with a stronger, combined voice."