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Publicatie datum
25 jun 2009 - 17:32
Statutaire naam
Ageas (NL) N.V.
Titel
TESCO AND FORTIS CREATE NEW INSURANCE PARTNERSHIP
Bericht
Tesco Personal Finance (TPF) and Fortis UK today announced that they are in exclusive discussions to form a new partnership to provide motor and household insurance.
The deal, agreed in principle, will mean that customers will benefit from the combined capabilities of both parties. Tesco will take greater control of pricing and the development of new products, while Fortis will bring considerable expertise on underwriting and claims management. Jointly, the companies will create around 1500 new UK jobs.
Final binding terms are expected to be agreed in the next two months and the deal will be subject to normal regulatory and governance approvals.
Announcing the partnership Tesco PLC Director and CEO of Retailing Services, Andrew Higginson, said:
"This is an important strategic move in the development of Tesco Personal Finance under Tesco's sole ownership. General insurance is a key area for TPF and this partnership with Fortis will enable us to take it to the next level. I am delighted to be working with them at this exciting time for our business."
Benny Higgins, Chief Executive of Tesco Personal Finance added:
"Tesco already has a successful insurance business with a track record for keen pricing and great service. This new partnership with Fortis will provide us with the flexibility to build on this success and grow the business further by providing customers' with innovative new products and great value."
Barry Smith, Chief Executive of Fortis UK said:
"We are delighted to be working with Tesco Personal Finance on this significant new insurance partnership. Our unique competitive proposition of high customer service delivered at low cost will go a long way to winning this important deal."
The partnership involves over £ 500 million (EUR 584 million) in annualised total Gross Written Premium (GWP) and is expected to grow. It could be underwriting new business and renewals from the second half of next year through a newly formed entity.
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