CPF acquires Kaupthing Singer and Friedlander Premium Finance Ltd (PF)

5 August 2008

Close Premium Finance (CPF) has announced the acquisition of PF, the premium finance company previously owned by Kaupthing Singer and Friedlander Ltd, effective from 5th August 2008.

PF funds around £250m of premiums per annum and provides premium finance facilities to over 1000 insurance brokers.

Bob Golden, CPF’s CEO, comments: “This acquisition is excellent news both for Close and for PF’s existing brokers.

“CPF is able to offer PF brokers a long-term commitment following this period of uncertainty since the sale process was announced in February and access to systems, products and services unsurpassed in the industry.

“We look forward to working with the brokers to enhance their profitability and efficiency and to bring value to their client base.”

This deal follows Close’s acquisition in March of Amber Credit, and its arrangement in July with the administrators of premium financer Aascent to manage the run off of the loan book and provide emergency loan facilities for the pipeline.”

Close will continue to seize opportunities to grow its business as the credit crunch bites in order to enhance and cement the long term nature of the business. It is important to brokers that they can be confident that their premium financier is stable, has deep sources of funds, looks to the long term relationship and provides an excellent service.

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