Monday, 9 November 2015

Principality extends partnership with L&G

Principality Building Society, the UK's 6th largest, has announced a new home insurance partnership with Legal & General. Some reports have suggested that the building society has "renewed" this partnership with L&G, but it is in fact, a new relationship for household cover. 

Legal & General has, however, partnered the Principality since 2013 when it replaced Aviva as the society's life insurance and financial planning provider. Principality also partners with Dignity for pre-paid funeral plans. 

The selection of L&G follows a tender exercise and sees the replacement of RSA as its home insurance partner. Nevertheless, RSA remains a market leader in terms of the number of building society home insurance partnerships, including Yorkshire, the West Brom and Nottingham. 

Tuesday, 3 November 2015

Homeserve selects Aviva as its underwriting partner

Homeserve, the UK's second largest provider of home assistance policies, has selected Aviva as its underwriting partner in a 5 year deal, commencing on 18 November 2015. 

Homeserve mainly markets its products through a range of affinity partners (in the UK and overseas) and these include Thames Water, Anglian Water, United Utilities and Aviva itself. 

Rumours originally surfaced in the Summer that Homeserve was seeking to replace AXA (Inter Partner Assistance), its underwriting partner since 2007, as part of a tender process.

The value of the partnership is said to be in the region of £300 million GWP per anum, which represents a significant sum for both insurers. The UK home assistance market has been valued at approximately £1.3 billion per anum.