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Millfield and Prudential claim first with multi-tie

Millfield and Prudential claim to be the first provider and distributor to sign a multi-tie agreement.

The five-year deal has been penned by Millfield chief exec- utive Paul Tebbutt and Pru UK chief Mark Wood.

Pru has also just signed its fourth annuity single-tie deal and will be the sole annuity provider for National Australia Bank.

Pru annuities will be sold through NAB’s Clydesdale and Yorkshire Bank networks from May 31 in a deal that will initially run for five years.

PruHealth has also been signed up by NAB as the first PMI provider on its panel, with NAB expected to announce further tie-ups in the coming weeks.

Pru has set up single-tie annuity deals with Zurich, Pearl, St. James’s Place and Thinc Destini.

Wood says: “This arrangement endorses Pru’s position in the annuities market, where we already have a number of similar partnership agreements.

“PruHealth has shaken up the PMI market. It is the first private medical insurer to link the cost of premiums to the efforts that people make to look after their health.”

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