Tesco and Fortis finalise insurance partnership
The partnership also includes the creation of a new entity to underwrite and manage claims. Known as Tesco Insurance Limited the new entity will be owned 49.9% by Tesco Personal Finance (TPF), the supermarket giant's banking arm, and 50.1% by Fortis. The partnership, which will initially run until at least 2015, covers certain TPF insurance products including car, van and household insurance. This area of TPF's business currently involves over £500 million in nnualised Gross Written Premium. The deal will add another 1.5 million motor and household customers to Fortis UK's existing customer base of around 7 million people. The number of cars insured by Fortis will increase to around 2.7 million making it the second largest car insurer in the UK.
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