RBS Insurance, Sainsbury's Finance Set To Launch Insurance JV
24 Marzo 2011 - 1:56PM
Dow Jones News
RBS Insurance, part of Royal Bank of Scotland Group PLC (RBS)
and J Sainsbury PLC's (SBRY.LN) finance arm Thursday said they were
in talks to set up a five-year partnership under which RBS
Insurance would supply car insurance under the Sainsbury's
brand.
The proposed deal will include the provision of underwriting,
claims management and sales and service support on all new-car
insurance policies sold under the Sainsbury's Insurance brand from
the summer.
"Sainsbury's Finance is an attractive partner due to their
strong distribution channels in stores and on the web, and a
compelling loyalty card proposition," said Paul Geddes, chief
executive of RBS Insurance.
"We are currently the largest motor insurer in the U.K. and we
have a proven track record working with a variety of brands across
a number of key commercial sectors," he added.
RBS Insurance already has partnerships with the U.K.'s largest
building society Nationwide Building Society, insurer Prudential
PLC (PUK) and National Westminster Bank PLC (NWBD.LN), or NatWest,
a unit of RBS.
A spokesman for RBS Insurance declined to comment on how much
the deal with Sainsbury is worth.
RBS Insurance is the only remaining business RBS must sell under
EU requirements following the billions of government state aid the
bank received during the financial crisis. It must sell the unit by
a December 2013 deadline.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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