Following a review of its travel insurance business, Norwich Union has decided to concentrate on selling individual travel policies through its existing distribution channels. The insurer will be closing its Travel & Leisure business unit in Croydon, which provides travel insurance as schemes business to the travel trade.
Following a review of its travel insurance business, Norwich Union has decided to concentrate on selling individual travel policies through its existing distribution channels. The insurer will be closing its Travel & Leisure business unit in Croydon, which provides travel insurance as schemes business to the travel trade.
No new arrangements will be entered into from 7 June and existing contracts will be managed individually.
Bridget McIntyre, marketing and underwriting director for Norwich Union Insurance said; "This review has given us the opportunity to redefine our portfolio and as a result we have decided to concentrate on individual travel policies, selling through Retail, intermediaries and corporate partners.
"Travel insurance will remain an important offering within our portfolio and it will continue to be developed and promoted to our customers.
"Norwich Union operates as a fully integrated multi-distribution insurance company and it is this platform which gives us leadership in the UK personal lines market. To support this position we need a clear product and distribution strategy.
"A number of functions within Norwich Union Travel & Leisure are duplicated elsewhere within the company and the market segment in which it operates does not fit with our future strategy."
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Media contact: Liz Nicholson or Jenny Chapman
Norwich Union press office on 08703 66 68 63
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 this website.