Insurer can only use brand name until May 2011

Fortis UK is to undergo a rebrand as it expands in both commercial and personal lines.

The international group has a €1.3bn war chest to fund investments, although some of that will be used for prudential reasons, says the group’s strategic review.

As part of the divorce from its banking divisions, which were bought by BNP Paribas, Fortis can only use the brand name until May 2011 and is developing a new name. Fortis UK chief executive Barry Smith said no decision has been made on the rebrand.

He said: “The big message is the impact [strategic review has] within the UK market. Our strong desire is to widen the products, and offer them to the broking community and other clients.”

Fortis will resume payment of its cash dividends of between 40% and 50% on the net profit of insurance activities.