Norwich Union has confirmed that it is close to signing a deal with Folgate to sell Hill House Hammond Business (HHHB) - the commercial insurance division of Hill House Hammond.
Norwich Union has confirmed that it is close to signing a deal with Folgate to sell Hill House Hammond Business (HHHB) - the commercial insurance division of Hill House Hammond.
It is believed that today's announcement will offer reassurance to the 250 staff in Hill House Hammond Business. The company is hopeful that the vast majority of staff will be taken on by Folgate.
Once the deal is finalised Folgate will take over Hill House Hammond's commercial branch network and its Bournemouth call centre operation.
Ken Wallace, intermediary business director at Norwich Union Insurance and chairman of Hill House Hammond, said: "We are pleased that we are now in a position to name the company that we are in negotiation with. We are delighted with the progress we have made in this negotiation, which we believe will result in us reaching agreement with them shortly.
"Our decision supports our strategy of keeping commercial business in the broker market and we believe this development highlights our confidence in the future of the intermediary channel."
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Media contact:
Liz Kennett/David Ross at Norwich Union press office on 01603 688263/01603 682730 (out of hours 07801 901666/07786 526350).
Notes to editors:
Norwich Union Insurance
- Norwich Union is the UK's largest insurer with a market share of around 14 per cent
- With a focus on insurance for individuals and small businesses, Norwich Union insures:
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- one in five households
- one in seven motor vehicles
- more than 800,000 businesses - Norwich Union products are available through a variety of distribution channels including brokers, corporate partners such as banks and building societies and Norwich Union Direct.
- Hill House Hammond (HHH) is a high street general insurance broker, with over 800,000 customers. Its core business is home and motor insurance but it also provides cover for specialist risks and has a dedicated commercial division, 'Hill House Hammond Business'. HHH operates from over 240 branches and other offices nationwide.
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