NU Direct will have first refusal on Hill House Hammond renewals, according to intermediary business director Ken Wallace.
NU Direct will have first refusal on Hill House Hammond (HHH) renewals, according to intermediary business director Ken Wallace.
He said that 40% of HHH business is currently with NU and that renewals will be pointed to NU Direct. He added that, should customers not wish to go down this route, a conventional panel offering run by NU and BDML will be available.
Wallace said that insurers are currently being recruited on to the panel. "The arrangement will be similar to that of AXA and the panel it manages for the RAC," he said.
Wallace admitted that a number of potential buyers had been in touch, but the best value for NU was to close the business down and redirect customers to NU Direct and BDML.
It is understood that rival insurance companies had been in touch about buying the business, but that NU was not interested in giving customers to rivals.
Panel members are understood to be unhappy with the move that will see their policyholders referred to NU Direct. But Wallace said: "We are not trying to screw or upset other insurers." He added: "This is the best deal for NU."
He added that the move does not signal an end to NU's interest in the personal lines intermediated market. "We have over £1bn in personal lines brokers and we will continue to support that channel," he said.