Negative
25Serious
Neutral
Optimistic
Positive
- Total News Sources
- 4
- Left
- 1
- Center
- 2
- Right
- 1
- Unrated
- 0
- Last Updated
- 5 hours ago
- Bias Distribution
- 50% Center


Close Brothers Plans Commercial Lines Focus, Exits Personal Premium Finance
Close Brothers Group is refocusing its premium finance business by shifting emphasis from personal lines insurance, such as car and home insurance, to commercial lines insurance, including property, cyber, and liability insurance for businesses. This strategic repositioning aims to cut costs by £20 million annually by 2030, supported by a £15 million investment to modernize technology and streamline operations. The lender plans to exit about 10% of broker relationships, mainly those offering personal lines, which represent roughly £330 million of its loan book and 4% of operating income. As a result, the premium finance loan book is expected to decline by approximately 30% over the next three years, temporarily reducing operating profit. However, Close Brothers anticipates this will be offset over time by growth in commercial lines and improved cost efficiency, leading to higher income per case and better risk-adjusted returns. CEO Mike Morgan emphasized the focus on simplifying the group, improving operational efficiency, and driving sustainable growth amid rising costs, broker consolidation, operational complexity, and ongoing motor finance litigation.




- Total News Sources
- 4
- Left
- 1
- Center
- 2
- Right
- 1
- Unrated
- 0
- Last Updated
- 5 hours ago
- Bias Distribution
- 50% Center
Negative
25Serious
Neutral
Optimistic
Positive
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