Appointment includes 10,000 existing customers worth £2m GWP
LV= Broker has been appointed as the sole insurer for specialist broker Caravanwise.
It replaces previous insurer, Zurich, and will take on more than 10,000 existing Caravanwise customers at renewal.
LV= said the deal is worth £2m in gross written premium.
The caravan insurance product offered is available for static, touring and folding caravans and will be ABC branded.
LV= Broker personal lines director Michael Lawrence said: “We are delighted that Caravanwise has chosen LV= Broker as its sole insurance provider and we look forward to working in partnership with it. We’ve seen recent growth in the size of this market and this is a great opportunity to expand our product base to include caravan insurance.”
Caravanwise managing director Phil Holden said: “We already know a number of the team at LV= Broker, and we are confident that we will work well in partnership to ensure our customers receive great service and good value, quality cover. It appeals to us that LV= is a mutual with UK-only call centres, as both of these factors are important to us.”
Zurich is scaling back its personal lines operations and wants to reduce its costs while general insurance chief executive Steve Lewis has called for a return of a “rational approach to the personal lines market.”
Lawrence said: “We agree that rates need to rise to more sustainable levels and our focus remains on underwriting for profit. Our diverse product range and wide distribution network helps us to develop unique relationships with brokers such as Caravanwise.”
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