Harrow Council has saved £100,000 on its insurance premiums according to the Harrow Times.
Myfanwy Barret, director of financial services, Harrow Council, said: "The important thing is that we are saving £100,000 on the cost of insurance without cutting any services and the mutual offers us better terms."
The new London Authorities' Mutual Limited was launched on 9 April. Harrow council joined neighbouring borough Brent in being the first two local authorities to be insured by the mutual. It's hoped that the new insurance company, which provides big cover for council property and anti-terrorism insurance, will drive down premiums for local councils.
The mutual has been funded by the Department for Communities and Local Government and the business is overseen by a board of directors and is subject to the regulatory regime of the FSA. The mutual is owned by the participating local authorities and any profits are re-distributed between them.
