Premium finance provider PremFina has announced a strategic partnership with Ardonagh Advisory to enhance premium finance solutions for brokers and their clients.
Ardonagh Advisory is a division of The Ardonagh Group, a leading independent insurance distribution platform valued at $14 billion, with a global presence and gross written premium of $18 billion. This collaboration aims to integrate Ardonagh Advisory’s extensive broking network with PremFina’s advanced technology-driven finance solutions, streamlining the process for brokers and customers alike.
PremFina currently partners with over 200 brokers and is supported by a team of more than 150 industry professionals. The company’s CEO, Bishop, emphasized the significance of this partnership, stating, “By expanding our reach through this collaboration, we will empower even more clients with our flexible, technology-enabled solutions, facilitating a more seamless experience for brokers and customers.”
Richard Tuplin, CEO of General Insurance Broking at Ardonagh Advisory, reinforced the partnership’s objectives, saying, “At Ardonagh Advisory, we are committed to simplifying complexity and optimizing processes to enhance the experience for our colleagues and clients. Our alliance with PremFina ensures insurance remains affordable, accessible, and flexible for everyone.”
Ardonagh Advisory Broking Holdings Ltd, a key component of The Ardonagh Group’s SME broking platform, incorporates well-established brands such as Bravo Networks, Footman James, and Towergate.
Developments in the UK Premium Finance Sector
The UK premium finance sector is currently under increased regulatory scrutiny, with industry bodies implementing measures to promote fairness and transparency. In April 2024, the Association of British Insurers (ABI) introduced the Premium Finance Principles, designed to ensure affordability, fair value, proportionality, transparency, and accountability in the costs associated with paying for motor insurance in monthly installments. A report evaluating their impact is expected in summer 2025.
Furthermore, in October 2024, the Financial Conduct Authority (FCA) initiated a market study to assess the competitiveness and fairness of premium finance options available to consumers for motor and home insurance. This study examines key issues such as consumer awareness, commission structures, and potential barriers to competition. An interim report is anticipated in the first half of 2025.
As regulatory frameworks continue to evolve, partnerships like that of PremFina and Ardonagh Advisory play a crucial role in shaping a more efficient and transparent premium finance landscape for brokers and their clients.
