Lloyds TSB Insurance, a subsidiary of UK banking group Lloyds TSB, has acquired the new and existing general insurance business of Pearl Group in a bid to bolster its position in the home insurance market.
The acquisition provides Lloyds TSB Insurance with the rights to renew Pearl’s general insurance portfolio and also to market a range of general insurance products under the Pearl brand across the UK.
Lloyds TSB Insurance will provide home, motor, travel, commercial and mortgage insurance to Pearl Group customers under the Pearl, London Life and NPI brands.
The agreement with Pearl Group, which was acquired by Sun Capital Partners and TDR Capital in April 2005, is the latest in Lloyds TSB Insurance’s expanding corporate partnerships portfolio which includes organizations such as AA, More Than, Goldfish and Argos Financial Services.
We are convinced that this partnership will deliver value to both our policyholders and shareholders. The transaction demonstrates Pearl’s continued commitment to provide a comprehensive general insurance product range to our customers, said Jonathan Moss, managing director of Pearl.
The corporate partnership market provides considerable opportunities within the general insurance arena and will support Lloyds TSB Insurance in the delivery of profitable sales growth through access to a wider customer base, added Phil Loney, managing director of Lloyds TSB Insurance.