Pinsent Masons advises Foresters Friendly Society on UK insurance business transfer

Founded in 1834 and 1826 respectively, Foresters Friendly Society and Shepherds Friendly are two of the UK’s oldest mutual organisations.

The transaction was announced on 9 March 2026 and is expected to complete in early 2027, subject to regulatory approval. The deal will result in the merging of the two insurance businesses, providing greater scale to Shepherds Friendly. While Foresters Friendly Society will cease to operate as an insurance business in the UK once the transfer has taken effect, the organisation will continue as a benevolent society.

Mutual societies face numerous challenges, ranging from burdensome regulation to rising operational costs and competitive pressures from large, shareholder-owned financial institutions. Merging Foresters Friendly Society and Shepherds Friendly's insurance businesses will ensure Shepherds Friendly has the scale, resilience and enhanced offering to withstand the forces buffeting the sector.

The Pinsent Masons team advising on the deal was led by senior corporate insurance partner Hammad Akhtar, supported by fellow corporate insurance partner Peter McCusker and corporate insurance associate Priyanjoli Bose. Specialist support was provided by pensions partner Raj Sharma, data protection partner Kathryn Wynn and employment partner Chris Evans.

Richard Dickinson, CEO, Foresters Friendly Society, said “Pinsent Masons has worked closely with us on all aspects of this transaction; their advice and support has been invaluable. Our lead partner, Hammad, encapsulates everything you need in a transactional lawyer; exceptional knowledge, experience, flexibility and problem solving”.

Commenting on the transaction, Hammad Akhtar, Pinsent Masons, said: “I’ve worked with the senior management team at Foresters Friendly Society for a number of years and it’s been a pleasure to help deliver this transformational transaction. The deal follows hot on the heels of our advising another mutual society, Scottish Friendly, on its merging with fellow mutual OneFamily. Transfers and mergers within the friendly society sector are not at all common and this level of activity may well prompt other mutuals to consider the opportunities open to them.”