Tesco Deal Creates 1500 Jobs

The new partnership providing motor and home insurance between Fortis and Tesco is set to create 1500 jobs.  The deal which is initially set to run for 6 years is planned to make Fortis the second largest UK insurer with a book of nearly 3 million cars.

A new company called Tesco Insurance Ltd has been set up to handle the underwriting and claims management with the ownership being 0.1% in Fortis favour.  Both companies will be investing significant sums believed to be around £100 million.

The deal with Fortis succeeds a deal with RBS which had previously partnered with Tesco.