Article date: 15 May 2001
Norwich Union has taken the decision to withdraw from the coachand bus market (18 seats or more), with immediate effect.
The insurer will no longer write new business of this nature andrenewals will not be invited on existing business, which representsless than one per cent of Norwich Union's commercial business.
To help brokers and current policyholders find an alternativemarket, a placing facility has been arranged with specialistcarrier, Crowe Syndicate 963.
Specific arrangements are also being put in place in respect ofthe Bayliss and Cooke Coachline scheme. In the meantime, there willbe no change pending further communication from this broker tofollow shortly.
John Seaton, Norwich Union's director of underwriting, explained"The withdrawal from this market follows a comprehensive review ofour commercial motor account. We have recognised that writing thisbusiness requires a specialist focus which we cannot deliver on acontinuous basis, with our existing resources.
"We are committed to the motor fleet and commercial vehiclesectors and will continue to have a major presence in these areasand in the commercial market generally. In support of this, we haveembarked on an extensive programme designed to enhance ourunderwriting skills and provide greater empowerment throughout ourbranch network."
Liz Nicholson or Lucy Haughey at Norwich Union on 08703 666863.
Ian Barrett at Crowe Syndicate 963 on 01206 761 1234.
Notes to Editors:
- CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK's largest insurance group and one of the top-fiveinsurers in Europe with substantial positions in other marketsaround the world, making it the world's sixth largest insurerbased on gross worldwide premiums.
- CGNU's principal business activities are long-term savings,fund management and general insurance, with worldwide premiumincome and retail investment sales from ongoing business of over£27 billion and assets under management of more than £210 billion(correct as at February 2001).
- From October 2000, the combined life and pensions, generalinsurance and retail fund management businesses in the UK operateunder the Norwich Union brand, while the institutional investmentbusiness operates under the Morley Fund Management brand.
- Norwich Union's news releases are available on the internet atwww.cgnu-group.com