To provide motor and household insurance
Tesco Personal Finance, a wholly-owned subsidiary of Tesco, and Fortis UK are in discussion to go for a new affiliation to provide motor and household insurance. Both the companies are based in the UK.
The partnership involves over £500 million in annualised total Gross Written Premium (GWP), reported trading markets.
The coalition is expected to generate synergies in terms of the combined capabilities of both the companies. Tesco would handle major control of pricing and the development of new products, while Fortis would bring its proficiency in underwriting and claims management.
Tesco Personal Finance is engaged in providing general insurance, credit cards, personal loans, and personal savings. Fortis (Insurance UK) is a provider of personal and commercial lines insurance solutions.