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Catch up with the latest press releases from LV=

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LV= and Nationwide Launch New Insurance Partnership

Press release: 01/12/2008

The new insurance partnership between Nationwide Building Society and fellow mutual LV= launches to customers today.

Insurance, investment and pensions group LV= is providing a range of insurance products to Nationwide customers. The strategic partnership, which was originally announced in June, will run for an initial period of six years, during which LV= will be the sole provider to Nationwide of car and travel insurance, as well as business insurance policies for shops, offices, surgeries and owners of buy-to-let properties.

LV= will manage all marketing activity for the Nationwide partnership, including TV advertising, national press advertising, door drops, and specialist press advertising. LV= will also manage the sales, underwriting and administration of new policies. Insurance customers of Nationwide who took out policies before today, will be migrated at renewal to policies underwritten by LV=.

The launch of the Nationwide partnership follows hot on the heels of last week's announcement that LV= has just won a major protection partnership with Standard Life. Under that agreement, LV= will provide its award winning (1) 'Income Protection Plan' and whole of life '50 Plus Plan' to the customers of Standard Life, through the latter's direct telesales team.

Mike Rogers, LV= Group Chief Executive, said:

"We share many of the same values as Nationwide and as fellow mutuals we can focus purely on providing the best products, prices and service to our members and customers.

"LV= has ambitious growth plans as we strive to become a top five general insurer in our chosen markets by 2012. This strategic partnership, plus our recent acquisition of the Highway Insurance Group, demonstrate that we are making big strides towards delivering on our plans.

"Our new partnership with Standard Life provides further evidence of our 'partner of choice' credentials in financial services."

LV= is the UK's largest friendly society with around £8 billion in funds under management at the end of 2007. LV= currently insures around 650,000 cars and 440,000 homes. Through its existing strategic partnerships LV= provides general insurance, life insurance and protection products to a wide range of other organisations including T&G, AMICUS, Intune (Help the Aged), Unison, the Royal College of Nursing (RCN), CSMA Club and the Royal College of Midwives.

1 Winner of the following awards:

  • Individual Income Protection, COVER Excellence Awards 2008

  • Best Protection Service, Investment, Life & Pensions Moneyfacts Awards 2008

  • Protection Gold Standard Award 2008

LV= Facts & Figures

  • LV= is the UK's largest friendly society. As a mutual organisation, LV= exists wholly for the benefit of its members. Its philosophy is to put its members first and ensure they benefit from everything the company does.

  • LV= employs over 2,700 people, serves more than 2.5 million customers and members, and manages more than £8 billion on their behalf as at the end of 2007.

  • LV= offers its range of financial products by telephone from its UK call centres in Bournemouth and Croydon and online from its website .

  • LV= currently insures over 650,000 cars and 440,000 households in the UK.

Nationwide Facts & Figures

  • Nationwide is the world's largest building society with assets of over £180 billion.

  • The society is represented in around 900 locations across the UK.

  • Nationwide has a financial relationship with one in four households in the UK.

  • Nationwide is the UK's second largest savings provider and third largest mortgage lender.

  • Nationwide's previous car, travel and commercial insurance providers were Churchill, Elvia / Mondial and Oval, respectively.

  • Churchill will continue to underwrite Nationwide's home insurance policies.

  • Customers who already hold Nationwide car, travel or commercial insurance polices will not be affected by the changes. Their policies will be administered as before and they will continue to receive a high standard of customer service. They will migrate to LV= products at the next renewal of their policy.