Insurer becomes exclusive provider of Nationwide's car and travel cover.
LV= is to become the sole provider of Nationwide's car and travel insurance in a new six-year contract between the insurer and building society.
Under the contract that begins in December, LV= will also provide business insurance policies for shops, offices, surgeries and owners of buy-to-let properties.
John O’Roarke, managing director of LV= General Insurance, said: “We are extremely pleased to be in partnership with Nationwide Building Society. As mutual organisations, we share many of the same values, and because neither LV= nor Nationwide has shareholders demanding dividends, we can focus purely on providing the best products, prices and service for our members and customers.
“LV= has ambitious growth plans and this is a very significant step for us in line with our stated aim of becoming a top five insurer in our chosen markets by 2012.”
Robin Bailey, Nationwide’s insurance director, added: “We look forward to working with LV= and to further strengthening our position within the insurance marketplace. We are confident that this new partnership will provide our customers with a broader range of products, competitive premiums and a first class level of service.”
As well as the sales, underwriting and administration of the policies, LV= will manage all new business marketing, including planning and budgeting.
LV= will also handle all quote and customer service calls and existing customers will be migrated to policies underwritten by LV= at renewal.
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