Covéa Insurance and Sterling Integration Completed

7th January

Covéa Insurance is pleased to confirm that on 1st January 2016 Sterling Insurance Company Limited was formally integrated into Covea Insurance plc, and is no longer a separate trading entity. This follows High Court approval of the transfer, under Part VII of the Financial Services and Markets Act, granted on 11th December 2015.

As a combined business, Covéa Insurance intends to capitalise on the significant strengths of both companies - including their product ranges, distribution channels, locations and people - to build a bigger, stronger, and even more customer-focused business.

Speaking about the integration, Chief Executive of Covéa Insurance, James Reader said: 

“Our vision is to create a stronger UK business capable of delivering long-term sustainable growth. I’m confident that the combined organisation provides a great platform from which to achieve this, to the benefit of our customers, business partners and people.”

An indication of the extensive opportunities that exist for the combined business has been seen in the announcements of a number of new senior appointments, the opening of a larger regional trading office in Birmingham and the launch of an executive motor product, which builds on Covéa Insurance’s expertise in motor insurance and complements Sterling’s other mid and high net worth products.

James Reader added:

“The formal integration of Sterling Insurance into Covéa Insurance is the culmination of a major project across all areas of both businesses. It is testament to the professionalism and collaborative efforts of the combined teams that, alongside this huge piece of work, we were awarded Personal Lines Insurer of the Year at the recent Insurance Times Awards, secured top place for motor and home claims service from the Institute of Customer Service in their benchmarking surveys, and have once again received the ‘Sunday Times Top 100 Best Companies To Work For’ accreditation for 2016.

“Our priority now is to ensure that, as the practical work to integrate the businesses continues, we maintain our focus on delivering high-quality products for our broker partners and customers, supported by unrivalled service standards, as we look forward to our first trading year as a combined business.”

The combined business has written premiums approaching £600 million, employs almost 1400 people and provides a broad range of general insurance products and administration services to customers in the UK.

 

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About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France and served 11.5 million policyholders, generating over 16.3 billion Euros in premiums in 2016.  

Covéa Insurance handles the insurance needs of 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, mid and high net worth insurance and a range of commercial insurance products, designed to meet the needs of most individuals and businesses. Employing over 1500 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and featuring in the 2015 and 2016 Sunday Times Top 100 Mid-sized Best Companies to Work For. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

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