Royal & SunAlliance is to take over new group life business for Zurich Life as Zurich pulls out of t...
Royal & SunAlliance is to take over new group life business for Zurich Life as Zurich pulls out of the market.
Existing business will continue to be administered by Zurich Life but clients will be able to switch to Royal & SunAlliance once the contract comes up for renewal.
Zurich Life offers group life and income protection contracts, while Royal & SunAlliance offers these as well as a group critical illness product. Royal & SunAlliance has a 15.9% share of the UK group life and income protection market covering around 8,500 employers and around 1.25m employees.
Zurich Life has a 3.7% share of the group life and income protection market.
Mike Warr, director, IFA corporate business at Royal & SunAlliance, said: "We have put in place a fast-track process to ensure a smooth transition to Royal & SunAlliance for Zurich Life's group risk clients.
"What we are trying to say is that for a piece of business that comes up for renewal, the IFA will not have to start all over again in terms of filling in forms. We want to make the process as painless as possible if they choose to continue the business with Royal & SunAlliance.
"We are already well-positioned in this £1bn a year market and this is an ideal fit with our existing portfolio."
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