Broker Direct slashes workforce to balance declining motor book
Broker Direct has made 50 redundancies in a bid to compensate for the loss of one fifth of its personal lines motor book.
Terry Stanley, chief executive of the Bolton-based firm, said the drop in business volume was a result of the company hardening its motor rates ahead of the rest of the market.
"These redundancies affect virtually every area of our business," he said.
"The motor market has been very difficult for some time now and we very much wanted to restore profitability to all areas of our motor book. In some instances we perhaps hardened our rates ahead of the rest of the market."
He argued that this would
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