Co-Op sells Underwriting unit “CIS General Insurance”

Co-Op sells Underwriting unit “CIS General Insurance”

Co-Op sells Underwriting unit “CIS General Insurance”

23 Jan 2019

The UK’s Co-Operative Group Limited (Co-Op) has decided to let go of its underwriting sector, known as “CIS General Insurance”.

Co-Op Sells Underwriter Unit "CIS General Insurance"

The UK’s Co-Operative Group Limited (Co-Op) has decided to let go of its underwriting sector, known as “CIS General Insurance”. It has been announced that Markerstudy have bought the unit for £185 million. Five years ago the Co-Op nearly collapsed. Since then the company has sold its banking division and a number of properties. This shift allowed them to focus heavily on food stores, food wholesaling and funeral homes. The Co-Op has confirmed that they will continue to sell insurance. A deal has been struck with Markerstudy to uphold a 13 year agreement of which distribution to motor and home insurance products will continue. Pippa Wicks, deputy Chief Executive at Co-Op was quoted: “From the outset we’ve been very clear that we intend to enhance our insurance offer for Co-Op members and this agreement provides the means for us to do this in an effective way. ”Having sold CIS General Insurance, the Co-Op has remained positive that their deal will bring a brighter future for their Insurance sector. A mutual from the Co-Op stated: “The sale of the underwriting business will allow Co-op to focus on its strategy of providing a broader range of insurance products to its 4.6 million members which meet their different needs, ”“Under the distribution business of Co-Op Insurance Services Limited, Co-Op will focus on developing innovative propositions with Markerstudy while continuing to work with existing partners who already support some of the Co-Op’s existing products. ”After their announcement the Co-Op stated that Markerstudy had been chosen for the deal due to its wide product range, technology capabilities, and it’s “desire to create an environment that facilitates expansion and growth, as well as its commitment to retain a large number of colleague roles”.It has also been revealed that during the deal’s negotiations, the firms have agreed to preserve at least 800 jobs within CIS General Insurance. The transaction is expected to be completed within the next six weeks.

Co-Op Sells Underwriter Unit "CIS General Insurance"

The UK’s Co-Operative Group Limited (Co-Op) has decided to let go of its underwriting sector, known as “CIS General Insurance”. It has been announced that Markerstudy have bought the unit for £185 million. Five years ago the Co-Op nearly collapsed. Since then the company has sold its banking division and a number of properties. This shift allowed them to focus heavily on food stores, food wholesaling and funeral homes. The Co-Op has confirmed that they will continue to sell insurance. A deal has been struck with Markerstudy to uphold a 13 year agreement of which distribution to motor and home insurance products will continue. Pippa Wicks, deputy Chief Executive at Co-Op was quoted: “From the outset we’ve been very clear that we intend to enhance our insurance offer for Co-Op members and this agreement provides the means for us to do this in an effective way. ”Having sold CIS General Insurance, the Co-Op has remained positive that their deal will bring a brighter future for their Insurance sector. A mutual from the Co-Op stated: “The sale of the underwriting business will allow Co-op to focus on its strategy of providing a broader range of insurance products to its 4.6 million members which meet their different needs, ”“Under the distribution business of Co-Op Insurance Services Limited, Co-Op will focus on developing innovative propositions with Markerstudy while continuing to work with existing partners who already support some of the Co-Op’s existing products. ”After their announcement the Co-Op stated that Markerstudy had been chosen for the deal due to its wide product range, technology capabilities, and it’s “desire to create an environment that facilitates expansion and growth, as well as its commitment to retain a large number of colleague roles”.It has also been revealed that during the deal’s negotiations, the firms have agreed to preserve at least 800 jobs within CIS General Insurance. The transaction is expected to be completed within the next six weeks.

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Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

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Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE


+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

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