Article date: 8 June 2001
Following a review of its travel insurance business, NorwichUnion has decided to concentrate on selling individual travelpolicies through its existing distribution channels. The insurerwill be closing its Travel & Leisure business unit in Croydon,which provides travel insurance as schemes business to the traveltrade.
No new arrangements will be entered into from 7 June andexisting contracts will be managed individually.
Bridget McIntyre, marketing and underwriting director forNorwich Union Insurance said; "This review has given us theopportunity to redefine our portfolio and as a result we havedecided to concentrate on individual travel policies, sellingthrough Retail, intermediaries and corporate partners.
"Travel insurance will remain an important offering within ourportfolio and it will continue to be developed and promoted to ourcustomers.
"Norwich Union operates as a fully integrated multi-distributioninsurance company and it is this platform which gives us leadershipin the UK personal lines market. To support this position we need aclear product and distribution strategy.
"A number of functions within Norwich Union Travel & Leisureare duplicated elsewhere within the company and the market segmentin which it operates does not fit with our future strategy."
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 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 thiswebsite.