Tesco Bank and Fortis announce travel insurance partnership

Tesco Bank has entered into an agreement with Fortis UK, in addition to the previously announced motor and household partnership, which will provide the underwriting, claims management and sales and service support to Tesco Bank's travel insurance customers.

Fortis UK will start to underwrite Tesco Travel Insurance policies by the end of the year.

The five year agreement is worth around £59 million in Gross Written Premiums with Tesco Travel Insurance attracting around 170,000 customers each year. In addition, the partnership will lead to the creation of an additional 30 new Fortis UK jobs, mainly based in Fortis' site in Stoke.

Announcing the new deal, Benny Higgins, Chief Executive of Tesco Bank, said, "This is an important move in the ongoing development of Tesco Bank. Fortis UK is a great fit as a partner for our travel insurance business with a good track record in customer service and product development. Fortis UK will support us as we look to expand our travel insurance business with straightforward products that offer our customers good value."

Barry Smith, Chief Executive of Fortis UK said: "This is a great deal for Fortis UK and we are delighted to be working with Tesco Bank to provide travel insurance products and service aligned to customer needs. Creating another 30 new jobs in tough economic times is also really good news and underlines our commitment to profitable growth."