Norwich Union has taken the decision to withdraw from the coach and bus market (18 seats or more), with immediate effect.
Norwich Union has taken the decision to withdraw from the coach and bus market (18 seats or more), with immediate effect.
The insurer will no longer write new business of this nature and renewals will not be invited on existing business, which represents less than one per cent of Norwich Union's commercial business.
To help brokers and current policyholders find an alternative market, a placing facility has been arranged with specialist carrier, Crowe Syndicate 963.
Specific arrangements are also being put in place in respect of the Bayliss and Cooke Coachline scheme. In the meantime, there will be no change pending further communication from this broker to follow shortly.
John Seaton, Norwich Union's director of underwriting, explained "The withdrawal from this market follows a comprehensive review of our commercial motor account. We have recognised that writing this business requires a specialist focus which we cannot deliver on a continuous basis, with our existing resources.
"We are committed to the motor fleet and commercial vehicle sectors and will continue to have a major presence in these areas and in the commercial market generally. In support of this, we have embarked on an extensive programme designed to enhance our underwriting skills and provide greater empowerment throughout our branch network."
-Ends-
Press contacts:
Liz Nicholson or Lucy Haughey at Norwich Union on 08703 666 863.
Ian Barrett at Crowe Syndicate 963 on 01206 761 1234.
Notes to Editors:
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł210 billion (correct as at February 2001).
- From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.
- Norwich Union's news releases are available on the internet at www.cgnu-group.com