Cardif Pinnacle expands into new protection markets with the acquisition of Direct Life & Pension Services Limited - BNP Paribas United Kingdom
BNP Paribas UK News
March 25, 2008 -

Cardif Pinnacle expands into new protection markets with the acquisition of Direct Life & Pension Services Limited

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Cardif Pinnacle has acquired Direct Life & Pension Services Limited, a leading distributor of term life, critical illness, and other protection insurance products.

The Company operates under the trading styles of Direct Life, in the direct to consumer market, and Lifequote, in the financial intermediary market. Lifequote offers life and critical illness protection products to intermediaries in addition to income protection products.

Direct Life & Pension Services employs 200 staff and is based in Chichester. The Company will continue to operate as a stand alone business from this location, building on its established reputation for first-class products and services.

Paul Glen, CEO of Cardif Pinnacle, said “The acquisition of Direct Life & Pension Services is a key move forward in our strategy to develop Cardif Pinnacle’s protection business. This will enable us to increase the product solutions and services we can offer to a broader range of clients and customers. Cardif Pinnacle remains firmly committed to its existing core business.”

Paul Glen continued: “I welcome Mike Ward to our senior management team and look forward to working with him and his colleagues to help us deliver our growth strategy.”

Mike Ward, Managing Director of Direct Life & Pension Services, said
“Being part of the Cardif Pinnacle Group is an exciting opportunity for us, which will reap benefits and rewards for our businesses, our partners and our customers.”

Further Information :

Cardif Pinnacle

Steve Devine, Head of Group Corporate Communications
Direct Tel: 0208 207 9720, Mobile: 07768 511238

Direct Life & Pension Services Limited

Richard Verdin, Sales & Marketing Director
Direct Tel: 07808 797832

Editors Notes

* Cardif Pinnacle is a trading style of Pinnacle Insurance plc incorporated in England & Wales. Pinnacle Insurance plc is a subsidiary of BNP Paribas Assurance, a global provider of insurance and savings products. BNP Paribas Assurance’s life and non-life insurance units have received an AA+ rating from Standard & Poor’s. Pinnacle Insurance plc is authorised and regulated by the Financial Services Authority.

About Cardif Pinnacle
Formed in 1971 as Pinnacle Insurance Company Ltd, Cardif Pinnacle has established itself as a specialist provider of financial services and investment products. It’s a leading provider of protection insurance products including income protection, creditor insurance, warranty, medical cash plans, sports injury, pet healthcare, accidental death, personal accident and income replacement cover.

Cardif Pinnacle provides competitive, tax efficient investment products via IFAs and direct to the public. Financial Telemarketing Services Ltd (FTS), another group company, provides contact centre and outsourcing services to leading Banks, Building Societies, Finance Houses, Insurance Companies and Intermediaries.

Cardif Pinnacle offers an award winning Claims Management Service. Its in-house medical team, CV review and rewrite service, employment workshops and claimant texting facility, help to ensure that customers enjoy a caring service as well as prompt and efficient payment of policy benefits.

Cardif Pinnacle currently employs circa 650 staff in the UK and Ireland, in addition to Cardif Pinnacle Group personnel based in South Africa.

About Direct Life & Pension Services Ltd (Direct Life)

Direct Life supports advisers and other distributors active in the life insurance, general insurance and mortgage markets by providing innovative yet simple life, critical illness and income protection solutions designed to make advising, buying and selling these products easier.

Direct Life’s solutions include unique ‘point of advice’ and ‘point of sale’ quote & apply tools together with Express Underwriting, a tele-interviewing service provided across most of the main UK life insurers.

Express Underwriting was introduced to the market by Direct Life during 2003.
Direct Life currently deals with over 7,000 customer applications a month on behalf of its partners.