Southern Rock joins Brightside premium finance panel

Insurance broking group Brightside has added Southern Rock Insurance Company to the panel of providers for Panacea Finance, the group’s premium finance provider.

Panacea uses a number of different funding providers to fund the premium finance opportunities generated by Brightside. According to Brightside, the addition of Southern Rock to the panel will provide additional capacity to support the expected increase in premium finance opportunities generated by the creation of an insurer panel for the eCar business, which Brightside acquired from Southern Rock in June. In addition, Brightside expects that broadening the list of funding providers will add to the competitive tension between the funding providers.

The terms of the funding to be provided by Southern Rock will be agreed on a rolling monthly basis and will be on terms which are at least equivalent to those offered by the other third-party funding providers being used by Panacea.

Southern Rock is controlled by three senior Brightside executives: chief executive Paul Chase-Gardener, commercial director John Gannon and insurance director Arron Banks. The insurer is, however, not part of the Brightside Group.