Equity sells direct broking division
Equity Insurance Group has sold Equity Direct Broking Limited (EDBL) to NMG Holdings.
EDBL, headquartered in Colchester, is a specialist motor and home broker. NMG Holdings is part of the NMG Group and holds a significant stake in personal lines company iGO4.
The provider stated the move was part of its strategic plan to return to underwriting.
The insurer confirmed in May this year that 200 people would be losing their jobs during a restructure to focus on broker-only motor business and exit personal accident and home insurance lines.
Strategy
Ian Parker, chief executive of
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