CVE Culver Hldgs

RNS Number:1031P
Culver Holdings PLC
08 January 2007


PRESS RELEASE

FOR IMMEDIATE RELEASE - 8 JANUARY, 2007

CULVER HOLDINGS PLC ANNOUNCES STRATEGIC ALLIANCE WITH NORWICH UNION ("NU") FOR
SME BUSINESS

Culver Holdings plc's principal subsidiary, Culver Insurance Brokers Limited
("Culver"), announces that, for the three year period from 1 January 2007,
Norwich Union will be their principal underwriter for non motor corporate
insurance policies with an annual premium value of up to #7,500. Culver and NU
are developing a new automated scheme for small and medium size enterprise. The
SME Scheme has delegated authority from NU and will utilise Culver's skills in
schemes' administration and electronic processing. As policy renewals occur and
as the automated process is phased in over the next 12 months, Culver expects
this to yield a significant improvement in administrative efficiency and
brokerage returns on these policies.

NU have agreed to contribute significant resources to support Culver in its
efforts to grow this aspect of its business during 2007 and following years.

Culver believes that the automation aspects of this arrangement should improve
client service and expects that it will increase the availability of
competitive, experience-based, underwriting rates for clients.

David Sullivan, newly-appointed Chief Executive of Culver Insurance Brokers said
"I am delighted to be able to announce this alliance which will allow us to
secure our current presence in this sector of the market and, with the support
of NU, the largest insurer in the UK, to grow it significantly over the coming
years."

David Prior, Head of Schemes at NU said "We are delighted to be working with
Culver on this new opportunity, which will be fully supported by our Scheme
Management expertise, and our Electronic Trading teams"

Note to Editors:-

Culver Holdings plc

Culver Holdings plc and its subsidiaries provide insurance broking and employee
benefits and independent financial advisory services to businesses and high net
worth individuals, predominately in the UK.

In mid November 2006 Culver appointed a new Managing Director, David Sullivan,
formerly of Willis where he was Managing Director responsible for the Central
Region.

David Sullivan has conducted a complete review of Culver's business and is
implementing a strategy that involves increasing the productivity of the broking
team and reducing back office administration cost while at the same time
delivering better products and value to clients and increasing revenue per
transaction to Culver.

The alliance with Norwich Union represents the first step in the implementation
of this strategy which is expected to yield significant improvements in
financial performance over the medium term"

For further information call David Sullivan on 0207 456 1352

Norwich Union

Norwich Union is the UK's largest general insurer with a market share of around
15%, with a focus on insurance for individuals and small businesses.

It is a leading provider of life, pensions and investment products and one of
the largest Financial Adviser (FA) providers. FAs provide over 70% of the
company's long-term savings business in the UK.

Norwich Union's news releases and a selection of images are available from
Aviva's internet press centre at www.aviva.com/media

 

 

ENDS



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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