We started our journey in general insurance (GI) when we acquired Frizzell in 1996 - an established business, which already offered car and home insurance. From 2006 onwards we really accelerated our investment in GI; so much so that it became the 3rd largest private car insurer, the most recommended insurer and No 1 for customer service in the UK.
The success of the GI business, and the strength of our modern and vibrant brand, made the business an attractive proposition to Allianz Holdings plc. At the end of 2019 we completed the sale of the whole of the GI business to them. As part of the deal we agreed to license our brand to Allianz so they can continue to sell insurance products, backed up by a well-known and reputable brand. If you already have a GI product you won’t notice any immediate difference, apart from in the small print when you renew your policy.
It’s been an exciting 23 years in the GI sector and we’re pleased that we have found such a good home for that business, and the vast majority of our former colleagues.
We recognise that we couldn’t have built such a successful business without the support from some of our members, who were exposed to the most risks during that time, so we want to say thank you by giving back some of the sale proceeds. We’ll do this via the existing mutual bonus scheme, and the introduction of a new bonus – which we’re calling an exit bonus.