Norwich Union, the UK’s largest insurer, and Co-operative Insurance Society (CIS), have signed a heads of agreement for the distribution of a range of Norwich Union products via CIS’s 2,200 financial advisers.
Norwich Union, the UK’s largest insurer, and Co-operative Insurance Society (CIS), have signed a heads of agreement for the distribution of a range of Norwich Union products via CIS’s 2,200 financial advisers.
The agreement will see Norwich Union providing four products to complement CIS’s existing product range. These will be: a Personal pension, a Unit-linked bond and Inheritance Tax Planning distributed via CIS’s salesforce, and a Guaranteed Acceptance Plan marketed direct to Co-operative Financial Services' (CFS) customers. The companies are working towards a main launch of the products in the first quarter of 2006.
David Anderson, CFS chief executive, said: "Norwich Union is rightly regarded as a quality and leading product provider, who combined with the strength of our existing product range and salesforce channel, will help deliver a truly compelling proposition for our customers."
Gary Withers, Norwich Union Life chief executive, said: "Norwich Union is proud to have been chosen by CIS to provide a range of additional life products for CIS customers. CIS is a highly respected organisation and we are delighted to be working with them as they develop and evolve their new strategy. "
"In addition to this announcement we have recently increased our share of Lifetime's wrap platform to 97% and increased our equity in the Tenet Group to 21%. We have also agreed an all product multi-tie with Sesame, which builds on those already announced with Barclays, Bankhall and Millfield Alliance, together with protection multi-ties with SimplyBiz and Direct Life & Pensions. These announcements clearly underline our strength in distribution for the new depolarised world."
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Press office contacts:
Norwich Union
James Evans 01904 452791 Out of hours 07800 699525
CIS
Russ Brady 0161 837 5672 Out of hours 07880 784442
Notes to editors
- Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading Financial Adviser (FA) providers. IFAs provide around 75% of the company's long-term savings business in the UK. Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Co-operative Financial Services (CFS) was formed to bring together The Co-operative Bank, smile (the Internet bank) and the Co-operative Insurance Society (CIS) under common leadership. CIS has a large customer base of over 5 million customers and is one of the UK's most successful insurers and long-term savings providers. As part of CFS it enjoys a distinctive role within the UK financial services marketplace through its evolving service and distribution capabilities and its leadership position within the field of Corporate Social Responsibility.