Mike Williams returns to TBS
Bob Beckett rejects 'new network' reports
Bankhall has sold its commercial insurance book to Total Broker Solutions (TBS), headed by former CII president Bob Beckett.
This comes a year after TBS sold its commercial insurance business to Bankhall.
Mike Williams, who left TBS in April last year to head Bankhall's general insurance arm, will re-join TBS as operations director of the UK general insurance business (UKGI).
The sale follows a strategic review of Bankhall's operations during which the company was re-valued by its parent Skandia and its IFA operations were sold off.
Williams said: "The initiative came from TBS. During the structural review Bankhall decided it was a support service for IFAs and mortgage brokers; it wanted to focus on these core elements."
He added: "Insurance was also going to become a core element, but there was also an opportunity to take it out of Bankhall and grow it."
Contrary to recent reports, TBS majority shareholder Bob Beckett is not planning to set up a broker network. Rather UKGI will be split into two divisions: UKGI Ltd, which will offer compliance support services, and UKGI Services, which will offer a range of support services.
As part of the deal, TBS will supply commercial insurance services to Bankhall members, while Bankhall will supply TBS members with compliance audit services.
Bankhall chief executive Peter Mann signalled that all Bankhall's non-core activities would be wound down.
He said: "Outsourcing to specialists is something we will continue to do if it involves a non core activity."