THOMAS Cook has chosen AXA Insurance to underwrite its travel insurance in a partnership worth £60m worldwide.
From January 1, AXA will underwrite Thomas Cook’s three key areas of the UK, Canada and Australasia. By mid-1999, AXA will take over all of Thomas Cook’s global travel insurance.
AXA beat off the challenge of nine other firms following a three-month tendering process.
A spokeswoman for Thomas Cook global services said the French firm was chosen because it met the agent’s demand for global coverage from one company.
Thomas Cook previously used a number of insurance firms in its domestic and overseas markets, including Green Flag and Home and Overseas.
These contracts will be phased out over the next few months.
The spokeswoman refused to say which other firms had tendered for the contract or how long the AXA deal is for.
“It is a long-term arrangement,” she said.
The contract will also cover Thomas Cook’s direct-sell travel insurance product through the AXA Insurance-owned AXA Direct.
AXA Insurance is part of the Paris-based AXA Group which has over £321bn of assets in management and a premium income of nearly £23bn. In the UK, AXA owns Sun Life and Provincial Holdings.