St Andrew's is set to assume underwriting duties for all new and existing business on Select and Protect's mortgage payment protection policies from December 1 2003.
The company says that with 2,500 advisers working as active agents, Select and Protect is perfectly positioned to service the growing MPPI market.
John Blundell, managing director of St Andrew's Group, says: “With the average property price having more than doubled over the last decade, purchasers are having to take on higher levels of borrowing to buy their homes.
“It makes sense to insure against the loss of that home by selecting MPPI as a key insurance product.
“This is an excellent move for St Andrew's to increase its presence in the mortgage market, where we already have links with a number of key lenders and specialist insurance providers.”
And Simon Hood, chief executive at Select & Protect, says: “The company is pleased to appoint St Andrew's as its sole underwriter for MPPI policies.
“Evaluation of this important market showed a number of areas the company wants to continue to exploit – value for money, method of payment and flexibility, and St Andrew's were the natural choice in helping deliver this to the company's agents.”