Close Brothers wins Swinton account in £60m deal
Move seen as first step in Ardonagh “monetisation” strategy.
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
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