NIG pulls personal lines
Royal Bank of Scotland insurer NIG has outlined plans to close its personal lines division and focus solely on commercial business
Commenting on the proposals, Ben Thornton, head of NIG personal lines, said that the prospect of sustained growth in the division was slim.
He said: "Like any commercial organisation, we constantly review each of our product lines against a rigorous set of criteria for future growth and profitability. Our commercial business is performing and growing well and we have invested heavily in product development, service and underwriting in the last 12 months.
"However, the assessment of our personal lines business suggests it is unlikely to sustain a sufficient level of profitable growth to meet our business requirements going forward. As NIG is well respected by brokers in the commercial market, we are keen to now concentrate all of our efforts on this side of the business."
Thornton added: "This proposal may regrettably affect a number of roles within the personal lines teams. As such, we have begun a process of collective consultation for those individuals impacted by this announcement."
NIG struggled overall last year making a significant loss.
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