Monday, 12 December 2016

L&G partners with Coventry Building Society

Legal & General has announced a new 5-year household insurance partnership with Coventry Building Society; the UK's 3rd largest. The deal is expected to be worth in the region of £25 million GWP, given that the Coventry is the 2nd largest society when ranked by all-important borrowing members. 

The partnership, covering home and landlord insurance, commences in January 2017 and follows L&G's other recent lender partnerships with Principality and Skipton building societies (see our posts dated 9th November 2015 and 13th October 2016 respectively). 

The loss of Coventry represents another major blow for A.J. Gallagher. The broker had previously lost the Skipton partnership to L&G and this now leaves Gallagher's with only a handful of relatively small societies in this sector and no obvious replacements of this scale. 

Many of L&G's other lender partnerships involve protection products, but unusually for a building society, Coventry does not currently have a partner in this area.