Alexander Forbes withdraws support for Zurich in bid for Folgate business
Alexander Forbes has withdrawn support from Zurich as the insurer attempts to retain the commercial business placed with it by Folgate.
As revealed exclusively by Insurance Times (22 July), Alexander Forbes, through its UK retail business, was one of the brokers named in letters sent by Zurich to some of Folgate's commercial clients.
The letters suggested that if the client wanted to continue to be insured by Zurich, they could transfer their business to the broker named in the letter.
A spokesman for Alexander Forbes confirmed that the broker's position had changed.
"It was a decision by a local office and they've now decided that they don't want to be involved," he said. "They've now decided to withdraw their support."
Sources said the U-turn could be linked to the departure of the head of Alexander Forbes' UK retail business, Tim Wilson, last week after eight years with the business.
In a statement last week, Alexander Forbes said Wilson had left the company to pursue other career opportunities.
The row between Zurich and Folgate began in June when Zurich took the decision to cancel Folgate's commercial agency. It has since intensified with the insurer attempting to retain the business Folgate had put with it.
Zurich last week confirmed that Perkins Slade, Henderson Insurance Brokers and Lark Insurance Broking Group were among the other brokers named in the letters.
