NFU Mutual has announced the sale of Country Mutual Insurance Brokers (CMIB) to the Towergate Partnership.
NFU Mutual undertook a strategic review of CMIB in 2005, and it was concluded that whilst the business was confident about CMIB's future financial prospects, it did not fit in with the long-term strategic direction of the NFU Mutual Group.
Ian Geden, chief executive of NFU Mutual said: “The Board believes that NFU Mutual's strategic focus should be firmly directed towards the development of its core Agency business."
He added: “We do not envisage that there will be any job losses as a result of the sale. The majority of staff will transfer under TUPE regulations to Towergate whilst the few staff who are not transferring will be placed into the structured redeployment process that we operate within NFU Mutual.”
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