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Co-op opens GI division

Co-operative Financial Services this week announced the creation of CIS General Insurance, insuring all new and renewing CIS motor, home and commercial products.

CFS says creating the new division will provide greater clarity for CFS general insurance operation.

The group says its GI net premium income was 649m in 2004 and 318m in the first half of 2005. Operating profits in 2005 were 10.4m.

CFS business management director Craig Shannon says: The improvements made in our customer servicing, distribution, pricing and claims handling areas, have all contributed to a marked improvement in financial performance and profitability.

“Whilst this improvement needs now to be sustained, it is clear that our general insurance area has a bright future ahead within CFS and the right corporate structure and operating model to contribute even more.

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