The insurance brand, which is part of the RBS Group, called a review of its advertising business in May in an effort to consolidate the accounts into one agency or group.
The company plans to increase its adspend from £4.5 million in 2008 to about £10 million in the future, in a bid to increase awareness of the brand.
It is also set to review its use of TV stars in campaigns, including Nigel Havers and Joanna Lumley, as well as its long-running strapline: "You don't have to be posh to be privileged."
Before the review, M&C Saatchi was the incumbent on Privilege's above-the-line business. It repitched but was knocked out at an earlier stage.
Partners Andrews Aldridge, the below-the-line incumbent on the business, retains its position as part of the Engine offering.