Plan to focus on commercial and high net worth clients
Manchester based insurance broker CBG Group has sold parts of its personal lines business to Swinton.
The company said: “In line with a strategy of focusing on its position within corporate insurance, the Company has decided to dispose of certain elements of its personal lines businesses, on normal market terms, to Swinton Limited.
“The Board firmly believes that the creation of a strongly focused group is appropriate in order to generate better long-term value for shareholders.
“The disposed business currently generates annual revenue of £370,000 and is break even at the operating level.
More focused
Mike Askew, group managing director, said: "We continually review our operating activities, with the aim of becoming more focused without adversely affecting earnings.
“The exit from this non-core business achieves our objective of concentrating on our core broking businesses, including the high net worth private clients division, where we enjoy strong market positions that offer good growth prospects and potential for developing long-term shareholder value."
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