Virgin Money has selected Ageas as its new home and motor insurance partner and announced that the two organisations will be developing a range of products during 2015. Ageas will underwrite the household products and will develop a panel of insurers for Virgin Money's motor product. Ageas will be providing the sales, servicing and claims capabilities for the new partnership.
Although the new deals marks the loss of a major "affinity brand" for BDML, it is understood that the volume of Virgin Money insurance customers has never been significant and that the partnership does not entail the transfer of an existing book to Ageas.
Nevertheless, Virgin Money does have a wide range of channels including "stores" and "lounges", although at present, this branch network does not offer mortgage advice, or presumably, an obvious "point of sale" household insurance opportunity.
Virgin Money continues to work with Insure & Go for its travel insurance and UK Insurance for pet insurance.