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News - Fortis holds off on fleet move.

Europe Intelligence Wire

| December 01, 2005 | COPYRIGHT 2005 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Post Magazine)

Fortis will not build on its move it into commercial motor, made during quarter three, by entering the fleet sector in the near future.

Chief executive Barry Smith noted that while its product, Van Guard - targeting individual vehicles under 3.5 tonnes - has seen initial success, there were several more attractive avenues for it to pursue.

"We are more likely to look at product development for other enhancements for the personal lines and also the small commercial range. This is more likely to be the areas of product development, rather than moving into fleet," he added.

The announcement came as Fortis revealed gross written premiums for the third-quarter 2005 of GBP453m, an increase of 3% during the same period last year (2004 Q3: GBP442m).

Growth was more marked in travel and commercial ...

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