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Co-op about to strike a deal to let go of general insurance unit?

Co-op about to strike a deal to let go of general insurance unit? | Insurance Business

Co-op about to strike a deal to let go of general insurance unit?

The Co-op Group, which in 2013 sold its life insurance business to fellow mutual Royal London, is reportedly in advanced discussions to offload its general insurance arm to Markerstudy Group.

While there’s no definitive decision on the table, the Kent-headquartered privately owned business has been identified by Sky News as the frontrunner in the £300 million race supposedly involving the likes of Aviva, RSA, Saga, and the AA.

Citing sources close to the detailed talks, the British news network described Markerstudy as the ‘most likely’ camp to bag the deal.

Meanwhile it looks like a sale won’t mean an abrupt end for the mutual’s insurance brand, with sources also pointing to one particular condition – that whoever takes over must commit to selling policies under the same name in the long term. This as the Co-op tries to get more members to purchase its insurance offerings.

Coverage afforded by the mutual includes car, home, pet, and travel. Markerstudy, meanwhile, specialises in motor insurance products and services.