Over the last year we have been working to develop plans for the future of our insurance business, with the aim of being able to provide more of our members with a broader range of insurance products.
We already started this journey of expanding our insurance range with the launch of a new travel insurance product last year.
Today as part of this journey we have announced that we will be selling the current insurance business – ‘CIS General Insurance Limited’ (CISGIL) to Markerstudy and putting in place a long term arrangement to distribute insurance products under the Co-op brand.
A key part of the decision to choose Markerstudy was the commitment they showed our colleagues, as well as their contemporary systems, and vision for the future. Markerstudy and Co-op both put customers at their hearts and share a commitment to continue to focus on service excellence and looking after customers.
This will enable us to continue to provide our members and customers with our current range of Co-op insurance products, as well as in the future seeking to provide a much wider range of insurance products. Following the successful launch of our already award-winning travel product we will continue to broaden our insurance offering, and expect to launch new insurance products this year and beyond. Our ultimate aim is to meet the insurance needs of 80% of our members.
The sale remains subject to approval by the PRA and FCA which we expect to be completed within 6 months.
We will continue to keep you updated.
Deputy Chief Executive