Specialist insurer Ecclesiastical has today announced its plans to withdraw from the UK broker motor markets across its Ecclesiastical and Ansvar brands. The announcement follows a strategic review of Ecclesiastical’s UK motor business and will affect the insurer’s fleet and motor schemes books.
Following today’s announcement, Ecclesiastical will now work with individual brokers to manage the transfer of existing motor schemes and the run-off of fleet business. The changes will take effect in early 2013.
Steve Wood, Managing Director of Ecclesiastical’s UK business, explained: “Our real strength as a business lies in underwriting where we have a clear competitive advantage and can deliver sustainable returns. Unfortunately, the UK broker motor market isn’t one of these sectors for us. It is difficult for any insurer to make a profit.
“We will be talking to those brokers who have supported us over the years on fleet and schemes business about how we manage the exit over the coming months.
“The withdrawal from the broker motor market is a big decision for us, but it is the right decision. We remain financially strong and have seen positive growth in our core business areas over the last few years. The steps we have taken in 2012, including this decision to withdraw from the broker motor market, will strengthen our business even further and help us to focus on sectors where we can sustain a strong underwriting performance.”
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