Members can increase commission intake
UKGI has established an exclusive partnership with premium finance provider Kaupthing Singer & Friedlander Premium Finance (KSFPF).
The deal will allow UKGI members to offer premium finance to clients on extremely attractive terms and enhance their own earnings at the same time.
Finance for commercial lines premiums of £5,000 and above over 10 instalments is available at a flat interest charge of 3.4%. For premiums of below £5,000 the rate is still very low at only 3.8%, both on a non-recourse basis.
Personal lines finance is also available at 5.75% recourse and 7.75% non-recourse.
UKGI managing director Mike Williams said: “We are very pleased to partner KSFPF in order to bring this very attractive premium finance deal to our members. It means that by simply switching providers, UKGI members can keep the rate of interest charged to the clients unaltered but increase their commission take.
“Switching from their existing premium finance provider is easy thanks to our state-of- the-art IT based delivery system.
“And brokers will be pleased to learn that the rates will be constant, though any change in Bank of England base rate up or down by 0.25% will result in a 0.1% change for any subsequent deals up or down as appropriate.”
All premiums will be financed based on 20% deposit followed by nine instalments for new business and 10 equals for renewals. However, there is the opportunity to negotiate flexible rates and payment periods if required. Premiums will be paid to the broker within 28 days.