“The success of Tesco Underwriting over the last 10 years is further evidence of our credentials and expertise for building strong partnerships and we are justifiably proud of the progress made by this business,” said Ageas UK chief Ant Middle.
“Nevertheless, now is right time for us to hand over to Tesco Bank as we move our focus to building on our core strengths in our heartland of personal lines insurance through the broker and aggregator channels.”
According to Tesco Bank, full ownership of what was originally a joint venture will allow it to create an end-to-end insurance business that is “uniquely positioned” to help Tesco shoppers.
Tesco Underwriting currently underwrites approximately 93% of new Tesco Bank car insurance policies; 90%, renewing car insurance; 80%, new home insurance; and 74%, renewing home insurance.
“We wish Tesco Bank every success in further enhancing its insurance proposition while we confidently deliver our new strategy and continue to build our future in our chosen markets,” added…