Fortis Insurance have sealed a new deal with Tesco’s financial arm. The agreement will mean that Fortis will now underwrite the car and home insurance that is provided by the supermarket giant. They will both be investing an amazing £100 million each towards the new partnership. No doubt a lot of this will go towards advertising and promotion so expect to see this plastered all over our television screens in the forthcoming months.
The insurer has been at the front of most of our operations here for several years and is one of the most popular companies when it comes to customers taking out Landlords Insurance and Liability Insurance policies with us. There are talks of around 1500 jobs being created by this new partnership which is great but I’m sure a fair few were lost when Tesco’s deal with RBS came to an end a few months earlier.
The new deal will be run under the company of Tesco Insurance Ltd and runs until 2015 and will make Fortis the second largest motor insurer in the UK. We wish them and Tesco well with their new venture.