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Zurich takes over NU&#39s life link with Newcastle

Zurich has replaced Norwich Union as strategic partner of Newcastle Building Society for life products, its third direct distribution tie-up of the year.

The deal sees NU&#39s 13-year relationship with Newcastle end as Zurich offers a deal that sees the salesforce stop being NU introducers and become Newcastle appointed representatives, tied to Zurich.

Newcastle has 51 branches and 450,000 members. Initially, the project will lead to the employment of 40 in-house Newcastle sales staff. NU retains its tie with Newcastle for general insurance.

Earlier this year, Zurich secured deals with Bristol & West and Market Harborough Building Society. It says it expects to announce another deal in the next few weeks.

Zurich UK, Ireland and international life chief executive Ray Greenshields says: “This is an exciting time for us. Newcastle shares our passion for customer service and innovation and we are delighted that they have decided to tie with Zurich.”

NU spokesman James Evans says: “We are disappointed to lose the tie on the life side.”

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