Post Office® Targets Two Million Policy Holders

Immediate release: 21 May 2007

The Post Office® has extended its partnership with Junction, the UK's leading affinity insurance provider and part of the BGL Group, until 2012 with the aim of writing two million insurance policies, equivalent to £1 billion in gross written premiums.

The partnership was set up in 2004 and has made the Post Office® one of the fastest growing distributors of retail insurance in the affinity market, with 500,000 car and home policies under management. A commercial van offering was added to the range last month.

The Post Office® is continually expanding its range of financial services and currently insures one in every fifty cars on the road in the UK. Post Office® Financial Services head of insurance Phil Ashkuri said: "The Post Office® is all about offering great value, accessible products that our customers want. Our insurance portfolio has proved hugely successful and working with Junction, we have grown our customer base from zero to 500,000 in just over two years."

Peter Winslow, Chief Executive, BGL Group said: "The extension of the Post Office® contract to 2012 is testament to Junction's ability to work with an established brand and assist it in developing a new revenue stream.

"We have structured a simple, value product tailored to meet the diverse needs of the Post Office®'s customer base and this has played a vital role in enabling the Post Office® to build a strong reputation as an insurance provider. Moving forward we have carefully selected a panel of insurers to maintain our competitiveness."

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