Norwich Union has been selected to provide household and creditor insurance for Scarborough Building Society (SBS) customers.
Norwich Union has been selected to provide household and creditor insurance for Scarborough Building Society (SBS) customers.
The UK’s largest general insurer has previously provided mortgage indemnity guarantee cover for the top 20 building society. This new three-year agreement comes into effect from May 1.
The household and creditor book of business is expected to be worth Ł8 million in gross premium income over three years.
Graham Boffey, corporate partnerships director at Norwich Union, said: “SBS demands very high standards of service, stability and reliability and we are delighted to demonstrate that we can meet their high expectations.
“This win confirms Norwich Union’s reputation as a trusted and valued partner in an increasingly uncertain and competitive marketplace.”
Paul Draycott, general manager marketing, at Scarborough Building Society, added: “We are delighted to extend our relationship with Norwich Union with whom we can enhance our range of quality products, aligned to excellent service for the long-term benefit of our members."
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Media contact:
Liz Kennett at Norwich Union on 08703 66 68 68/07801 901666 or Paul Draycott at Scarborough Building Society on 01723 504226.
Notes to editors:
- Norwich Union is the UK’s largest insurer with a market share of around 16 per cent and is more than 1.5 times the size of its nearest rival. It is also the largest personal lines insurer.
- It has a focus on insurance for individuals and small businesses. It insures:
- one in five households
- one in five motor vehicles
- more than 700,000 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.
- Norwich Union’s news releases are available on the Aviva plc website at www.aviva.com
- A selection of images is available from the Norwich Union Newscast site at www.newscast.co.uk
- Scarborough Borough Society is the 19th largest building society in the UK with total assets approaching Ł1.3bn. The organisation has a strong cost to asset ratio, providing the efficiency to support the provision of a competitive, transparent and value-based range of products and services for members aligned to the company’s mutual status.