News Article Published:
Monday, 20 August 2007
Category:
Insurance
The Link Insurance Company (LIC) brand is set to be swallowed up when it is owner merges two insurance companies, Post Online reports.
Guardian Holdings Limited Europe GHLE) has said that it will withdraw advertising for all private car products currently underwritten by LIC from October 1st 2007 and all of LIC's business will be transferred to GHLE-owned Zenith Insurance.
The aim of the move is to create one insurer based in Gibraltar that will underwrite a single collection of insurance products. However, GHLE assured customers who already have policies with LIC that the transfer would not affect them in real terms. Zenith will simply be administrating on existing policies and Zenith branded products will remain the same.
Steve Tidd, CEO of GHL, said: "We have been working hard over the past 12 months to consolidate our European operations and proposition in order to present a strong and consistent brand to our target markets.
"We rebranded our UK service business as GHL Insurance Services UK Limited earlier this year, and brought our UK operations together under that brand and under one roof.
"In working towards consolidating our product suite and moving it on to full cycle EDI, now is the logical time to bring our insurance companies together and align the brand with that of our parent."
Mr Tidd concluded: "I am confident that the creation of a single insurer underwriting a single suite of products on full cycle EDI will deliver a far more efficient proposition for brokers in the long-term in terms of quality, rates and service."
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