Broker switches premium finance provider in wake of Close Brothers withdrawal

Premium Choice has appointed Premium Credit as its new premium finance provider following its move away from Close Brothers Premium Finance.

The new multiyear agreement, which went live this month, marks the start of a partnership between the specialist motor broker and Premium Credit. 

Premium Choice selected Premium Credit after a review of potential partners. The new partnership includes integration with the OGI platform, enabling customers to manage their premium finance more efficiently.

Premium Credit also plans to support Premium Choice through a structured partnership programme to help the business expand in the coming years.

Mark Woods, managing director of operations at Premium Choice, said the lender’s understanding of the broker’s needs was a key factor in the decision.

He said: “When we reviewed our options, Premium Credit stood out not just for their commercial offer, but for the way they approached the partnership.

”They understood our business and demonstrated how technology, data and collaboration could help us perform better with regard to offering premium finance. We’re confident this relationship will deliver real value for our customers.”

Seeking new premium finance

Close Brothers announced in July 2025 that it would be withdrawing from certain broker relationships and reducing its focus on personal lines premium finance.

This move has prompted several personal lines brokers, such as One Answer Insurance, which signed a new deal with PremFina in August 2025, to seek new premium finance partners.

Jon Howells, chief commercial officer at Premium Credit, said the partnership with Premium Choice reflected the firm’s focus on helping brokers strengthen their premium finance propositions.

He said: “We’re delighted to be working with Premium Choice and to have the opportunity to build their premium finance offering further. This partnership reflects our commitment to making it easier for brokers to do business and to providing the tools and insights that support their long-term success.”