Coventry Building Society secures partnership with Legal & General

THE Coventry Building Society has agreed a five-year partnership with insurer Legal & General to offer general insurance products to the society’s members.

The partnership agreement will start in January 2017, with existing insurance customers having the option of taking out a policy with Legal & General from that date.

The building society is looking to maintain continuity of service to its members, which it highlights through its Members First policy.

The society said that Legal & General’s culture, agility, partnership approach, value proposition and trusted brand, was the right balance for its members.

Andy Deeks, Product, Marketing and Strategy Director at Coventry Building Society said: “Our number one priority was finding a provider that shared our Members First ethos and values, so achieving the right cultural fit was as important to us as finding a provider that could handle the transition in a seamless fashion.

“We are also delighted that customer premiums will be less than the current year and that cover will be at least as good as what is in place now, consistent with our aim to deliver long-term value for our members.”

Coventry is the UK’s third largest building society, with over 1.8 million customers and £36bn of assets.

The deal is the fourth general insurance distribution agreement secured recently by Legal & General. In aggregate, the agreements could increase 2017 gross written premiums by £30m to £40m.

Mark Holweger, Managing Director, Legal & General Insurance Partnerships, said: “It’s excellent news Coventry Building Society has chosen us as their general insurance partner, and I look forward to providing their customers with great value general insurance products and excellent customer service.

Legal & General’s other deals are with the Skipton and Principality Building Societies, respectively the fourth and sixth largest in the UK.