Schemes: Ecclesiastical and CBG see specialism as their future
Poor results have led both an insurer and broker to seek solace in the schemes market.
After reporting a near £30m drop in profits on 2009 to £50.4m and an underwriting loss of £5.9m for 2010, Ecclesiastical revealed its intention to pull out of the standard household market by July 2012, claiming that specialist household schemes business was now at the heart of its future.
Tony Bloomer, head of schemes and affinities at Ecclesiastical, said the insurer was unique in having a dedicated schemes unit based in Gloucester and that, after growing steadily in the schemes market for
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