Yorkshire Building Society to sell broking arm

Yorkshire Building Society will sell its insurance broking arm, Norwich & Peterborough Insurance Brokers (NPIB).

The sale follows a review of the business by Yorkshire. No buyer has been announced yet.

Yorkshire will keep NPIB’s home insurance book, insured by RSA, but will sell its other books.

The building society acquired NPIB when it merged with parent company Norwich & Peterborough Building Society last November.

The broker made £1.29m profit in 2010, employs 74 staff and has seven offices.

A Yorkshire spokesman would not give a reason for the sale, but said: “We regularly review all areas of the business to make sure they are providing the best value and service.”