The Portman Building Society has chosen Axa Insurance at the expense of Royal & Sun Alliance (R&SA) to underwrite its household insurance account. The move will see Portman put a freeze on its rates until 2005.
R&SA had underwritten the account since 1997. However, following a review of the contract, Axa will take on the account for all new and existing business on 1 February 2004.
Matthew Wyles, group development director at Portman, said: “Despite stiff competition we could not fail to be impressed by Axa’s approach which was focused, professional and commercial.”
Paul Bridge, personal distribution director at Axa, added: “This new partnership represents an important strategic alliance with one of the UK’s leading building societies, and again demonstrates the strength of Axa’s specialist proposition in this particular sector in the financial services arena as a whole.”
Portman has over one million members centred predominantly in its south of England heartland.
Nicola Jordan, spokeswoman at R&SA, could only repeat a company statement issued on the subject. She said: “I can confirm that the household insurance contract with The Portman will not be renewed, however, we remain totally committed to the building society sector and look forward to working with existing and new partners in the future.”