NIG's focus turns to commercial; 280 staff impacted by proposal
NIG is proposing the closure of its personal lines business in a move to focus solely on its commercial business.
It follows a "comprehensive review" of the RBS insurer's personal lines business.
If the proposals are rubber-stamped within the next 90 days, the business will enter a run-off period lasting 12 to 18 months.
NIG employs a total of 900 staff but a spokesman said 280 people would be impacted by this proposal and that it had begun consultation.
NIG's head of personal lines, Ben Thornton, said: “Like any commercial organisation, we constantly review each of our product lines against a rigorous set of criteria for future growth and profitability. Our commercial business is performing and growing well and we have invested heavily in product development, service and underwriting in the last 12 months.
“However, the assessment of our personal lines business suggests it is unlikely to sustain a sufficient level of profitable growth to meet our business requirements going forward. As NIG is well respected by brokers in the commercial market, we are keen to now concentrate all of our efforts on this side of the business.
“This proposal may regrettably affect a number of roles within the personal lines teams. As such, we have begun a process of collective consultation for those individuals impacted by this announcement.”