Simon Hood Chief Executive of Select & Protect explains the change:
“Our move to Norwich Union is a very significant development for the business. In addition to our existing range of products we also have the opportunity to add to it, thereby offering a much more comprehensive package to our agency network and their customers.
However, initially we will be reviewing our existing policies and ratings and hope to have a new range of Ultima products available by April 2004.
With the forthcoming regulation deadline coming ever nearer, Norwich Union is keen to develop the relationship with Select & Protect as an excellent new channel of distribution.”
Hood added,
“The parting with Hiscox is amicable. Quite simply they wish to focus on the mid and high net worth sector, whereas Select & Protect is seeking to service the needs of a much wider group of homeowners. As a result we needed policies that were more in line with our customer base. We will continue to work with Hiscox however in the future developing a mid net worth policy targeted specifically at this niche audience”
Commenting on the new partnership and the strengths they bring, Norwich Union’s Intermediary Business Director Ken Wallace said,
“Norwich Union recognise that this was a significant business decision for Select & Protect and are delighted that we have been chosen as their household provider.
A consistent long-term approach, financial stability and willingness to provide a flexible and practical bespoke scheme solution were key factors in their decision-making process.
Our scheme management capability enables Norwich Union to respond quickly and positively with a robust proposition to satisfy Select & Protect's long-term strategic business requirements.
We look forward to working closely with Select & Protect.”
David Bruce, Director of National Accounts & National Brokers picks up this thread,
"We believe that Select & Protect are the most effective and strongest provider of household insurance in the IFA/Estate Agent/Mortgage Advisor market. To forge a successful partnership we had to demonstrate not only our expertise
and financial standing but also our appetite to expand distribution into this attractive market.”
