| New Provider for Tesco Insurance |
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It has emerged that Belgian insurer Fortis is in advanced discussions with Tesco, who is currently in the process of reviewing the contract for its car and household insurance. This will come as a major blow to the partly nationalised Royal Bank of Scotland who currently provide the car and household insurance for Tesco.
In 2008 Tesco bought RBS 50% stake in the Tesco insurance arm. Premiums in Tesco insurance are worth £600 million per annum.
If Fortis and Tesco reach a deal, this would mean the creation of around 1000 UK based insurance jobs for Fortis. |