Norwich Union will further expand its UK operation in Europe as it advances its plans to target the ...
Norwich Union will further expand its UK operation in Europe as it advances its plans to target the expatriate market.
Paul Sherlin, marketing director at Norwich Union International, said target areas would include Spain, Greece and France, although he did not rule out other countries if the launch was successful.
He said NUI was currently in negotiations with a number of locally based companies, owned by parent company Aviva.
Sherlin said: "We are looking at what we can do outside the UK. We are trying to work with other Aviva companies to see if there is a way we can target this client base where there is a dual interest."
Sherlin said he was not sure whether the Norwich Union brand, which would be well-recognised by the expat community, is to be used or that of a local company.
"Obviously this is their patch, which is why we are discussing the move with them. We are expecting the green light internally by the end of March and will look to develop a compliant product that meets Spanish regulations after that," he added.
However, he said multi-manager or fund-of-fund style products would be offered rather than a with-profit model (which is available in the UK) because of Spanish regulations.
In Spain, Aviva's main business is the sale of long-term savings products, including savings plans, unit-linked investments, pensions and annuities, life and health insurance through a bancassurance network and Aviva Vida. It has around 10% share of the life market and access to approximately 10 million customers through 3,800 bank branches.
In Greece its main business is CGU Insurance, which transacts business in all classes of general insurance.
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