Aviva renews distribution deal with Santander

Personal and commercial insurance provider Aviva has recently announced that it will renew its relationship with Santander in regards to distributing household insurance to its customers for an additional term of three years.

According to Aviva, which specialises in general insurance in addition to life and other types of business insurance, it won the right to renew its current contract with Santander after a fierce competitive process, which will allow the insurance provider to be the major distributor of household insurance cover products to the Spain-based bank’s customer base. ¬†Santander serves in excess of 25 million banking customers over a 1300 branch network of UK banks.

The new agreement, which will begin in early 2011 and then run for three years afterwards, is a continuation of the relationship Aviva had with Abbey, and now Santander after Abbey’s buyout by the Spanish bank.

This new household insurance deal comes hot on the heels of a previously-awarded new distribution contract with Santander in regards to providing life insurance products to the bank’s customers.

David McMillan, chief executive for Aviva UK’s ¬†general insurance arm, commented on the new business arrangement, saying that it underlined the position of Aviva as one of the leading general insurers currently doing business in Britain based on the quality of the offerings it has available to their banking industry partners.

The relationship between Santander and Aviva is powerful, continued McMillan, will cover both life insurance and general insurance starting in 2011, which will highlight both the strength and the breadth of the insurance provider’s portfolio.

McMillan concluded his statement, declaring that the unique perspective that Aviva has because of its composite business model allows the company to offer a wide range of insurance products tailor-made to the needs of Santander.

In related news, Aviva recently declined a buyout offer from competitor RSA for their general insurance arm, claiming that it was an undervaluation of the business done by that division of the company.

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