Equity Red Star has sold-out its Equity Insurance Partnerships (EIP) affinity broking division to Singapore-based monetary services firm NMG cluster.
The deal completes the Lloyd’s motor insurer’s exit from insurance distribution to focus entirely on underwriting.
Equity sold-out its twenty fifth stake in underwriting agency process, along side its social unit and private accident books of business, to Lloyd’s nondepository financial institution Canopius in July this year.
Equity declared its new focus and also the planned division sales, along side two hundred job cuts, in May. The changes area unit a part of a biennial turnaround arrange designed to revive the Lloyd’s motor nondepository financial institution to its former glory once many years of losses.
EIP, conjointly famous underneath its legal entity name of Equity Direct Broking restricted (EDBL), sells home and motor insurance through huge high-street brands like auto maker Renault and banking cluster Santander.
NMG already holds a “significant” stake in fellow GB personal lines broker iGO4, and expects the 2 companies to figure along.
Equity Red Star chief government Ian Parker said: “This deal is firmly in line with our antecedently expressed strategy for the Equity cluster and also the choice of NMG provides certainty for our affinity partners and policyholders.
“The management team at Equity believes that we'd like to focus on the core specialist motor underwriting business so as to deliver market-leading results, and also the sale of EDBL is a component of this method.
“We stay committed to operating with our brokers and customers to confirm we tend to still deliver glorious service.”
NMG cluster decision maker Geoff Baars added: “With this acquisition, Equity Insurance Partnerships can still operate severally, however operating in partnership with iGO4.
“This partnership are of serious profit to existing affinity partners which will currently be ready to enlist the support of iGO4’s leading operative model, that provides access to a large panel of GB insurers providing a spread of extremely competitive and differentiated product.”
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