LV= has completed a deal with Help the Aged, the UK's leading charity for older people, to offer personal lines insurance primarily to the over 50s market.
The insurance products will be branded ‘intune' – Help the Aged's newly created subsidiary and financial services retail brand. intune was set up to operate on a strictly commercial footing, but will plough profits back into the charity.
The arrangement, which is effective immediately, is for five years with a view to a longer term strategic partnership. In the medium term LV= envisages receiving gross written premium in excess of £100m.
Mike Rogers, group chief executive of LV=, said: “This is a very exciting partnership and together we are well placed to compete successfully in this highly competitive market.”
LV= will underwrite car, home and travel insurance policies for intune and be responsible for all sales, service and claims for car and home insurance.
Anne Grahamslaw, managing director of intune added: “We chose LV= after an extensive tender process because it offered the best commercial returns, but also shared our values. LV= was willing to invest in the relationship and work closely with us on product and service development.”
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