Tuesday, 12 December 2017

Hood Group partners with Canopius for MPPI cover

Hood Group has announced a partnership with Lloyd's Syndicate 4444, managed by Canopius Managing Agents. The partnership covers the mortgage payment protection insurance provided by Hood's "Select & Protect" brand, which mainly distributes general insurance products through mortgage intermediaries and IFAs. 

Many mainstream mortgage lenders have steered clear of offering MPPI products in recent years, but they continue to be marketed by many mortgage brokers and IFAs. As well as through Select & Protect, MPPI is also provided by its direct competitors including Uinsure (also underwritten by Canopius) and Paymentshield (underwritten by Covea).

Select & Protect's MPPI product was previously underwritten by Aviva and Davies Managed Systems will now be responsible for all new claims. 

Thursday, 7 December 2017

Nationwide and RSA launch home insurance partnership

Nearly 2 years after the partnership was announced (see our post dated 17 December 2015 for details), Nationwide Building Society has launched its new home insurance partnership with RSA, which will operate for the next 5 years. 

The launch was later than originally anticipated (February 2017), but is likely to represent annual GWP to RSA of between £180 - £200 million. One source has suggested that the partnership will result in up to one million new household customers for RSA, but this figure seems overly ambitious given the figures previously quoted by DLG; the insurer which lost the account after 15 years.  

Nevertheless, the partnership is likely to be RSA's single largest affinity deal and does reinforce its already impressive range of partnerships with mortgage lenders, including Yorkshire Bank, Bank of Ireland and Yorkshire and West Bromwich building societies.    

Nationwide has over 15 million customers. It also works with Legal & General for the provision of life insurance, but exited the motor insurance market and its partnership with LV= earlier this year (see our post dated 30th May 2017 for details)