Fortis (Insurance, UK) and Tesco Bank have entered into a partnership to create a new insurance company Tesco Underwriting (TU) subject to FSA approval and registration.
The companies said that the new insurance company will provide technical underwriting and claims management for Tesco Bank’s 1.5 million motor and home insurance customers and will start managing new customers and renewals by the end of the year.
Tesco Bank will be responsible for customer strategy including sales and service call centres, retail pricing, marketing and proposition development. Fortis will provide underwriting and claims management expertise.
Geoff Carter has been hired as new chief executive of Tesco Underwriting. He has experience in personal lines insurance and has been managing director of Fortis Insurance Solutions since 2007. He has been involved in establishing Tesco Underwriting and will take up the new role on 1 May 2010.
Stephen Grainge has been appointed as the new finance director, joining in May from RSA. Stephen has worked in senior financial roles for nearly 25 years. Andy Baughan has been appionted as the new chief underwriting officer and will take up his position later in the year. He has experience in various senior underwriting roles, most recently at Zurich.
MrCarter chief executive of Tesco Underwriting, said:I’m delighted to be taking on this significant new role in the UK insurance market. Having been involved in the set up of the new company, I’m extremely excited to have the opportunity to lead Tesco Underwriting. Combining Tesco’s marketing and customer insight with Fortis’ technical underwriting and claims expertise will be highly attractive to customers.