Castle Cover launch new insurance service to the 50+ market.
31st July 2006
Today, 31st July 2006 saw the launch of Castle Cover, a new entrant in the ever growing over 50’s general insurance market.
Castle Cover is led by well-known industry expert, Andrew Marchington and is backed by HSBC Bank and Asset Ventures Ltd., part of the family investment vehicle that controls Primary Group, the Bermuda based insurance distributor.
The launch is supported by a £10m annual marketing budget and Marchington and his team plan to hit Gross Written Premium levels of over £100m and sign up over half a million customers within a five-year period.
Marchington comments: “We know there is room in the market for a third major over 50’s brand and we will initially be targeting the home insurance market. This market is growing as a result of people living longer and the ‘baby boomer’ generation now maturing into this sector.”
Castle Cover do not believe the over 50’s receive as good a deal on insurance as they deserve. They tend to claim less frequently and do not exaggerate claims, unlike younger people. As a specialist, Castle Cover will therefore be offering much more competitive prices to the 50+ group. Other products such as motor, travel and pet insurance will form part of the offering.
Launching with a blue chip panel that includes AXA, RSA and L&G, Castle Cover believe they have a great advantage in neither being tied to one supplier nor owned by an Insurer.
Castle Cover is based in Poole, Dorset where over 400 jobs will be created within four years and will offer a UK based customer service.
