Tesco agrees insurance joint venture with Fortis

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The supermarket giant said it has signed off on a joint venture with Fortis which means the two together will become Britain's second-largest car insurer.

The joint venture is the latest unwinding of Tesco's financial services link with Royal Bank of Scotland. RBS has already been bought out of its Tesco joint venture and now the bank's RBS's Direct Line arm has been replaced for motor and home insurance, having already lost the Tesco life insurance contract to Friends Provident.

Indicating that the Direct Line venture was not working, Tesco said its new partnership with Fortis will give the supermarket group greater control over the pricing, sales and marketing and development of insurance products as well as greater oversight of customer service.

Fortis, which also provides motor insurance for Marks & Spencer, already has a big presence in the UK with 7 million customers.

However, its future is uncertain with speculation that it may come under takeover attack from RSA, the old Royal & Sun Alliance insurance group.