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We’re refocusing our strategy on the expansion of our commercial lines business. As with any business, it’s important that we evolve to ensure we continue to grow, whilst protecting our strong reputation and delivering great service to our customers and partners.
Our strategy will see us continuing to invest in enhancing our commercial proposition, through the modernisation of our technology platform, optimising customer onboarding and broadening our underwriting appetite.
Whilst we’ll continue to serve all aspects of our commercial broking partners business, this decision means we’ll be phasing out a number of UK and ROI personal lines broker relationships over the next 6-12 months.
This new strategic focus doesn’t impact the provision of premium finance to personal lines customers, via a commercial lines broker partner.
Why is this happening?
Personal lines have played an important role in our offering for many years yet the market environment is changing. Rising costs to serve customers, broker consolidation and increasing operational complexity have impacted its long-term attractiveness in comparison to other parts of the portfolio. We’ve taken this decision as this is where we see greater alignment with our core values and more opportunity for sustainable and scalable growth.
Next steps
Right now, it’s business as usual and we’re continuing to serve our customers and brokers while we implement our new strategy.
We’re contacting all our personal lines broker partners to explain the impact of this announcement and to provide further information on the next steps.
Frequently Asked Questions
How will I know if this change affects me?
Personal lines brokers affected by our announcement have been contacted with further information.
If I am affected, how long do I have to arrange a new finance provider?
We'll work with you to mutually agree on a potential Termination Date. The transition will be over 6-12 months to ensure that brokers have ample time to find a new premium finance provider.
How are you deciding which brokers to stop working with?
As a result of our new strategic focus, we are phasing out a number of personal lines broker relationships. These brokers are less closely aligned with our core values and strengths and provide limited opportunity for sustainable and scalable growth.
This decision aligns to the wider Close Brothers Group plc strategy to simplify our portfolio, improve operational efficiency, and drive growth. It provides a robust platform to take the business into 50+ years of being a specialist commercial lender focused on expertise, relationships, and service.
How are customers being protected?
Our customers are not affected by today's announcement and we will continue to honour all lending to customers written to date and up to the brokers' Termination Date. This means that we will still provide the highest level of service and support to our customers (including additional support for Vulnerable Customers or those facing financial difficulty) until the lending portfolio has been run-off.
Where possible, we'll contact customers within two months of their insurance renewal date, to let them know that we won't be able to provide them with premium finance.
Once all credit agreements have been repaid, we'll contact the customer to let them know that we're closing their credit agreement.
How will Close Brothers support the affected personal lines brokers during this time?
We're committed to a smooth transition, and our Sales Team are ready to provide support to our personal lines brokers.
During July and August, we'll be discussing the Termination Dates with brokers and providing support in the transition to a new provider. We are prepared to discuss earlier Termination Dates with broker partners, where this is agreed between us. Please contact the Sales Team to discuss.
In the meantime, we'll continue to write new or renewing premium finance agreements up until the Termination Date. We'll also service all customers while they repay their loan, including mid-term adjustments.