Investor announcements

Co-op Insurance 2017 Solvency and Financial Condition Report

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 (PDF - 3MB).

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CISGIL Stock Exchange Announcement – Update on Transformation

28 July 2017

CIS General Insurance Limited (‘CISGIL’) contracted with IBM in June 2015 to upgrade CISGIL’s key technology systems as part of a broader transformation of the manner in which CISGIL engages with members and customers.

It had been anticipated that the programme to replace and upgrade the core systems would have delivered major components of the new systems by the end of 2016. CISGIL's 2016 Annual Report and Accounts stated that delivery of the programme had been delayed, and that discussions had been held with IBM about the future direction of the programme. Since then, further discussions have been held between CISGIL and IBM, however IBM has notified CISGIL that it is terminating the contract with immediate effect.

CISGIL is considering all of its options in respect of its rights, and will be considering alternative options for updating its technology. Insurance remains a core part of The Co-op Group’s strategic plan, increasing the range of services it can provide to millions of Co-op members and customers.

In the meantime, CISGIL continues to operate on its existing systems and remains fully committed to supporting the needs of its customers and members.

Media Enquiries
Catherine Turner, Head of PR
[email protected]
07834 090783^

Jonathan Sibun, Tulchan Communications
020 7353 4200^

Investor Enquiries
Damien Duffy: Chief Financial Officer
[email protected]
0161 692 6415^

Co-op Insurance 2016 Solvency and Financial Condition Report

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Co-op Insurance - Notice of Annual General Meeting 2016

CIS General Insurance Limited (‘Co-op Insurance’) Director Announcement - 2 June 2016

2 June 2016

Co-op Insurance today announces that Kieran O’Keeffe, Chief Financial Officer will be leaving the business and stepping down from the Co-op Insurance Board with effect from 14 October 2016 to join LV= as Finance Director, General Insurance.

Mark Summerfield, Chief Executive of Co-op Insurance comments: “I’d like to thank Kieran for his contribution to the business and wish him well for the future.  We are currently underway with our search for his replacement and will update in due course”.

Media Enquiries:
Russ Brady: Head of Group Public Relations
[email protected]
07880 784442

Catherine Turner: Head of Consumer Services PR & CEO Communications
[email protected]
07834 090783

CIS General Insurance Limited (‘Co-op Insurance’) Director Announcement (PDF - 34.72 KB)


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Stock Exchange Announcement - 7 April 2016 Report and Accounts

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CISGIL Stock Exchange Announcement - October 2015 - Notice of a Change in Ownership

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CIS General Insurance Limited Announcement of an Implementation and Managed Service Agreement with IBM

Announcement of an Implementation and Managed Service Agreement with IBM 17/6/15

CIS General Insurance Limited (‘CISGIL’) today, 17 June 2015, announces that it has entered into an agreement with IBM to build an integrated insurance platform at a total cost of £55m and to provide that platform as a managed service for 10 years. IBM will provide Technology services for all insurance business functionality including:

  • new business processing
  • claims processing
  • policy servicing
  • interfacing to third parties
  • hosting services.

but excluding:

  • desktop, network and telephony services which will continue to be sourced from within Co-op Group (‘Group’).

The selection of IBM, after a detailed evaluation process, recognises their proven experience in delivering and running a complete end to end insurance platform.

The platform will enable the general insurance business to progress and implement its strategic plan over the next 3 years and achieve its vision of being the go-to insurance provider for Co-op Members.

The strategy for the General Insurance business, of which this relationship with IBM is a key component, reaffirms CISGIL as a core business within the Group, and one which will play an important role in the development of the Group in the years ahead.   

Commenting Mark Summerfield, CEO, Co-op Insurance said: 
  
This strategic relationship with IBM will enhance our ability to meet the needs of our customers efficiently, effectively and innovatively. 

The capabilities delivered by the new IT platform, will allow us to increase the number of Co-op customers and members we serve, both through competitive propositions and through the development of strong distribution and insurer partnerships. 

In particular, the enhancements to our digital and data analytics capabilities will see us forge a sustainable and innovative position in the market.” 
                                                   
Media Enquiries:                                                         
Russ Brady: Head of Group Public Relations       
[email protected]                                 
07880 784442                                                               
 
Investor Enquiries:
Kieran O’Keeffe: CISGIL CFO
kieran.o'[email protected]
07951 573756
 
Notes
Co-op Insurance is a major UK general insurer which offers home, motor, pet and commercial insurance products to its customers.

As a core business of Co-op Group, with approximately 1.2m insurance customers, Co-op Insurance is committed to supporting The Group purpose of “Championing a better way of doing business for you and your communities”.

Co-op Insurance pioneered the way in lowering the insurance premiums of Young Drivers as the first major insurer to launch a pay how you drive telematics insurance product for young drivers in 2011.

CISGIL underwrites the majority of business written supplemented with some small lines of business where CISGIL acts as a distributor or has a 100% reinsurance arrangement in place. It also offers commercial insurance arranged and administered by Aviva Insurance Limited and pet insurance provided, underwritten and administered by Allianz Insurance plc.

Co-op Group is the UK’s largest Co-op business with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, Co-op Group operates a total of 3,750 outlets, with more than 70,000 employees and an annual turnover of approximately £11 billion.

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Publication of prospectus 06/05/2015

The following prospectus (the Prospectus) has been approved by the UK Listing Authority and is available for viewing:

CIS General Insurance Limited £70,000,000 Callable Dated Deferrable Tier Two Notes due 2025

The full document is available to download. (PDF - 1.8MB)

A copy of the Prospectus has also been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do

Election of home Member State under the Transparency Directive

The issuer hereby elects the United Kingdom as its home Member State for the purposes of the Transparency Directive (Directive 2004/109/EC, as amended).

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the prospectus is not addressed. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional up on complying with the above requirement.

Calls may be monitored or recorded for security and training purposes.

Call charges may apply.