Multinational insurer Legal & General has signed a five-year partnership with the Coventry Building Society, giving the Society’s members access to general insurance products, effective January 2017.
This is the fourth general insurance distribution agreement entered by Legal & General in recent months. The company expects a £30 million to £40 million rise in gross written premiums for next year due to this deal.
Two such insurance agreements were signed with Skipton and Principality Building Societies, both lasting five years each. L&G’s insurance division has existing distribution arrangements for general insurance and protection policies with 15 banks and building societies.
In 2015, L&G wrote over £1.7 billion in total gross premiums in the UK.
Mark Holweger, managing director at Legal & General Insurance Partnerships, described the deal as “excellent news”, while Andy Deeks, director of product, marketing, and strategy at Coventry Building Society, outlined the thought process behind the partnership.
“Our number one priority was finding a provider that shared our members first ethos and values, so achieving the right cultural fit was as important to us as finding a provider that could handle the transition in a seamless fashion,” he said. “We are also delighted that customer premiums will be less than the current year and that cover will be at least as good as what is in place now, consistent with our aim to deliver long-term value for our members."
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