UK’S BRITANNIC TO OFFER DIRECT SALES VIA CORNHILL LINK-UP

UK-based Britannic is to begin telephone sales of its general insurance products through an outsourcing deal with Cornhill Direct, a local unit of Germany’s Allianz. The products, which will include home cover, will be branded Britannic Direct and will be available from April. Britannic said that it would retain a 50% underwriting interest on its home insurance business. The news came as Britannic announced a restructuring within its branch administration to create a centralised customer support service. The move, which will result in about 350 job losses, is expected to lead to restructuring costs of £3.3m and full-year savings of £5.3m. Talks are already under way on the job losses, the company noted.