Biba seeking new HNW schemes provider due to Home & Legacy closure

Home & Legacy has partnered with Biba since 2019.

Insurance Age revealed earlier this week that Allianz would be closing the mid and HNW specialist managing general agent.

The decision has affected around 50 staff, who are going through a consultation process that will last at least 30 days.

The owner has committed to trying to deploy as many people as possible within Allianz, but has not ruled out redundancies.

While the business has not been closed immediately, the consultation marked the start of the run-off process that could stretch to 18 months.

For the past year, Allianz has been exploring options for Home & Legacy, including a potential sale, with mid- and HNW business not being seen as core.

Home & Legacy has commission income of £5m–£6m, according to Allianz, which bought the firm in 2006.

Tenders

Graeme Trudgill, executive director at Biba told Insurance Age: “We understand that this [run-off] will be an orderly process and any renewals or new business that have been accepted will be honoured.

“Any existing policy or claim will be administered as normal and MTAs can still be processed until policy expiry.”

He concluded: “Biba will be seeking tenders from alternative providers. We will keep members informed.”

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