Primary Group will not rule out job losses as it looks for “economies of scale”
PBS Holdings has merged with Longhawk, formerly UK Underwriting, another part of the Primary Group.
A spokesman said the merger would result in savings through “economies of scale” and refused to rule out job losses.
The newly formed company will be rebranded, and will have a GWP of more than £220m. It will be chaired by Harold Posner, currently at Longhawk, with Tim Rolfe, chief executive of Primary, taking the reins as chief executive and Michael Warren of Longhawk as finance director.
In a statement, Posner said: “This is a very positive move for our business, our teams and our customers, expanding both our product range and distribution reach.”
PBS and UKU recently renegotiated their underwriting arrangements, with Fortis replacing AXA as prime carrier for UKU in February. Fortis is also providing capacity to PBS following AXA’s withdrawal.
PBS Holdings includes Primary General Insurance, Rural General Insurance, and Primary Claims.
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