Underwriting agency Grip this week announced a major revamp of its mortgage insurance (MPPI) website, securityfirst.co.uk.

Managing director Simon Burgess said Grip had slashed premiums on the site by 15% in response to aggressive moves by high street giant Marks & Spencer.

The site sells direct to the public, charges £3.75 per £100 covered and offers the first three months free to entice customers.

It has already generated premium income in excess of £1m in its first year's trading.

Two weeks ago, Grip handed management of its £2.5m intermediated MPPI book to Alexander Forbes in return for an ongoing overrider.