The industry is understood to be in the throws of a bidding war, as three firms battle it out for t...
The industry is understood to be in the throws of a bidding war, as three firms battle it out for the rights to sell protection insurance through Asda.
The three companies rumoured to be pitching for the business are Hargreaves Lansdown, LifeSearch and Norwich Union.
Kevin Carr, head of protection strategy at LifeSearch, responded with "no comment"; as did Robert Pell, spokesperson at Norwich Union.
Jonathan Briggs, head of protection research at Hargreaves Lansdown, remained tightlipped but admitted he could not deny an involvement.
Johnny Timpson, head of protection development at Scottish Widows, which currently sells life insurance through Asda, said the insurer would cease to do so on 15 March or earlier. He added that it was "a perfectly amicable arrangement" but both parties wanted "new things".
An Asda spokesperson confirmed that it was in talks with other firms. She said: "We are in the tender process where we are asking people to come and pitch for the business". She declined to say who exactly was pitching.
