Premium finance provider PremFina has announced a new partnership with Ardonagh Advisory. The collaboration aims to enhance premium finance solutions for brokers and their clients.
Ardonagh Advisory is part of The Ardonagh Group, one of the world’s largest independent insurance distribution platforms. The group has a global presence, with a valuation of $14 billion and gross written premium of $18 billion.
Both organisations aim to streamline the process for brokers and customers by combining Ardonagh Advisory’s insurance broking network with PremFina’s technology-driven finance solutions.
“We are delighted to partner with Ardonagh Advisory,” said Sharon Bishop (pictured), CEO of PremFina. “This partnership reinforces PremFina’s role as a key player in reshaping the insurance payments landscape, helping make insurance premium payments more accessible and affordable.”
PremFina partners with over 200 brokers and is supported by a team of more than 150 industry professionals. “By expanding our reach through this partnership, we will empower even more clients with our flexible, technology-enabled solutions facilitating a more streamlined process for both brokers and customers,” noted Bishop.
Richard Tuplin, CEO of general insurance broking at Ardonagh Advisory, added: “At Ardonagh Advisory, we’re passionate about killing complexity and simplifying our processes so that our colleagues and clients get the best possible experience. Our partnership with PremFina makes insurance more affordable, accessible, and flexible for everyone.”
Ardonagh Advisory Broking Holdings Ltd, part of The Ardonagh Group’s SME broking platform, includes brands such as Bravo Networks, Footman James, and Towergate.
The UK’s premium finance sector has been under increasing scrutiny, with regulatory bodies and industry organisations taking steps to ensure fairness and transparency. In April 2024, the Association of British Insurers (ABI) introduced Premium Finance Principles to manage costs associated with paying for motor insurance in monthly instalments. These principles focus on transparency, affordability, fair value, proportionality, and accountability, with a report on their impact expected in summer 2025.
Additionally, in October 2024, the Financial Conduct Authority (FCA) launched a market study to assess whether consumers using premium finance for motor and home insurance receive fair and competitive deals. The study examines fairness, consumer awareness, commission structures, and potential barriers to competition, with an interim report expected in the first half of 2025.
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