18th Jun 2013 10:09
RSA completes negotiations with Motability on contract structure going forward
Leading global insurer, RSA, today announced that it has renewed its contract to provide motor insurance to Motability Operations. The new contract extends a long term relationship and provides a strong, sustainable partnership for RSA and Motability Operations.
This will take effect from 1st October 2013 for an initial 5 years. The deal will be on a quota share arrangement with RSA retaining 20% of the premium exposure, ceding the balance to a Motability Operations owned captive. Insurance cover will continue to be provided for multi-year policies, however under the new contract all policies will be re-priced every 6 months. Policies written under the current contract will remain in force for the duration of their three year contract.
Jon Hancock, Commercial Managing Director at RSA, said … “We are proud to work in a partnership with Motability Operations and share their goal of providing trouble free motoring to all customers. Motability Operations is our largest commercial motor insurance partner and the largest fleet operator in the UK and we look forward to continuing to deliver a first class service together”.
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Copyright Business Wire 2013
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