Deal will create 70 new jobs

Fortis is on the verge of signing a deal with Toyota worth about £20m gross written premium.

The three-year deal will create about 50 new jobs at its Stoke-on-Trent office and 20 claims roles in Eastleigh and Gloucester.

The deal follows Fortis’s success earlier this summer in securing a contract to provide household and private motor products for Tesco.

Chief executive Barry Smith said: “This new relationship is a significant step forward in our multi-channel distribution strategy, reinforcing our strength in the private car insurance market.”

The deal will pave the way for Fortis to handle the sales, administration and claims for Aioi Motor and General Insurance, the company that underwrites the insurance products branded and marketed by Toyota.

Fortis will also reinsure a proportion of the business underwritten by Aioi.

Aioi chief executive Mike Swanborough said: “After completing market-wide reviews, we are confident that our relationship with Fortis will prove positive for all concerned.”

Toyota has 1.3 million customers in the UK.