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Tesco announces new insurance partner

Tesco is set to increase its presence in the UK insurance market if a deal with insurance giant Fortis goes ahead. The deal would allow the Dutch-Belgian company to offer car and household insurance to the ever-growing number of Tesco insurance customers. If the deal is concluded, as seems highly likely, this would see Tesco's current partner, the Royal Bank of Scotland, lose its involvement in a business which is currently bringing in over £500 million a year in gross premiums.

Even though Tesco continues to tighten its grip on the UK supermarket sector there is no doubt that the company has plans in the area of personal finance, insurance and mortgages. Rather than create whole new businesses the company looks set to bring in significant partners who will run the operations and pay a slice of income to Tesco. The ability to reach millions and millions of UK consumers each and every day is the vital element of this particular expansion plan and will see the company inject yet more competition into the financial sector.

The deal will need to be cleared by the regulators although there are few people who see any real problems with regards to this element. The new joint-venture could be underwriting insurance policies for Tesco customers by the second half of 2010.

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