Virgin Money has launched its new home and motor partnership with Ageas, having originally announced it in December 2014 (see our post dated 23rd December 2014 for details). As expected, Ageas will underwrite the household products and will use a panel of insurers for the motor product. Ageas will be providing the sales, servicing and claims capabilities for the new partnership.
It is understood that the partnership does not involve the transfer of an existing book of business from BDML, Virgin Money's previous home and motor insurance partner and despite the attraction of the brand, the volume of Virgin Money insurance customers has never been considered significant.
Nevertheless, Virgin Money does have a wide range of channels including 70 "stores" and "lounges", although this branch network does not offer mortgage advice, or the long-cherished "point of sale" household insurance opportunity for Ageas.
Virgin Money continues to work with Insure & Go for its travel insurance, UK Insurance for pet insurance and Friends Life for life cover.
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