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R&SA takes on Zurich group risk business

Zurich Life is pulling out of the group protection market and has struck a deal with Royal & Sun Alliance to pass on the business.

The move follows Zurich&#39s decision to withdraw from the group life market announced last week after deciding to concentrate on the individual protection market.

The exclusive deal will see R&SA offer cover to all Zurich&#39s existing group clients.

The move could see R&SA cornering almost a fifth of the market and will allow Zurich a swift departure from the sector.

Zurich is writing to all IFAs who have clients with its group risk policies to tell them of the deal with R&SA.

R&SA will potentially gain the 3.7 per cent of the UK group life and income protection market share which Zurich holds.

It already has a 15.9 per cent market share offering protection-related employee benefit schemes to around 8,500 clients.

Royal & Sun Alliance director of IFA corporate business Mike Warr says policyholders will obviously have the option to move to another provider but says the deal will make it easy for IFAs to transfer policies.

He adds: “This means Zurich Life do not have to leave its clients high and dry. IFAs will not have to research and sort out a new provider for their clients as we have sorted out a smooth process for the transfer of business. We stand to gain up to 3,000 employer schemes from Zurich Life.”

Zurich Life external affairs consultant Debi Isaac says: “This arrangement meanswe can leave this marketmore quickly and Royal &Sun Alliance is set to gainour market share of thisspecialised business.”

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