RSA: RSA Insurance Group Plc: RSA completes negotiations with Motability on contract structure going forward UK Regulatory Announcement LONDON 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”. - ENDS - Enquiries: Analysts Press Matt Hotson Louise Shield Tel: +44 (0) 20 7111 7212 Tel: +44 (0) 20 7111 7047 Rupert Taylor Rea Bart Nash Tel: +44 (0) 20 7111 7140 Tel: +44 (0) 20 7111 7336 Important Disclaimer This press release may contain ‘forward-looking statements’ with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as “may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”, “seek”, “continue” or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group’s control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group’s forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast. Contact: RSA Insurance Group Plc
RSA: RSA Insurance Group Plc: RSA completes negotiations with Motability on contract structure going forward
Press spacebar to pause and continue. Press esc to stop.