Tesco Personal Finance, the increasingly-ambitious financial
services arm of UK supermarket chain Tesco (see RBI 611),
has finalised details of an insurance partnership with Dutch
insurer Fortis which will see the two firms provide motor and
household insurance in the UK.
The venture, to be known as Tesco Insurance, will begin writing
business towards the end of 2010 and will give Tesco responsibility
for retail pricing, sales and marketing, customer service and new
product development, while Fortis will provide underwriting and
claims management.
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Initial equity investments of £100 million are
expected to be forthcoming from both parties, with the deal adding
around 1.5 million motor and household customers to Fortis UK’s
existing customer base of 7 million. The move will also make Fortis
UK the second-largest car insurer in the UK.
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