Finch Group has sold its private motor book to Norwich Union (NU).
The insurer will invite renewals for the £1m business from 1 November with the full backing of the Finch Group, formerly known as ...
Finch Group has sold its private motor book to Norwich Union (NU).
The insurer will invite renewals for the £1m business from 1 November with the full backing of the Finch Group, formerly known as PG Finch & Company, which said it could see no future in the private motor book and would concentrate on its core corporate business.
Finch Group director Vincent Gardner said: "We feel that as a medium-sized broker we just could not compete with that market. Private motor insurance is too much of a commodity now. The only choices people make are on price."
With most of the 2,200 policies destined for NU Direct, the deal marks a further expansion for the insurers's direct channel. Last month the company bought a 13,000-policy personal lines book from Marsh.
NU director of distribution Tim Rolfe said: "If this business is moving towards large retail brands we would like to benefit from that. We feel that Norwich Union Direct could be and should be one of the big brands."
NU is understood to be about to sign a third deal, buying the personal lines business from a corporate broker, and is in the early stages of several more deals.
