Close Brothers Premium Finance (CBPF) has expanded its relationship with Ardonagh Group by winning the Swinton account, Insurance Age can reveal.
Last week Ardonagh agreed to pay £165m for Swinton stating it would fund the purchase from existing finance and with “cash from monetising certain Swinton assets”.
According to an industry source the £60m deal will securitise the existing book and give Close Brothers access to the customers as they come through on renewal.
Swinton previously self-fu
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