MPPI provider City Connexions has announced it is closing to all new business as of today.
The insurer had pitched itself as a solution to criticisms of steep MPPI and other protection premiums by deliberately targeting market share with offers of cheaper rates.
The business has not, however, grown as forecast in the business plan, leading to today's announcement.
A spokesman for the company says that the closure of the company is "due to long delays in contractual agreements which have led to the failure of required production levels."
"Genworth financial, the underwriters, will be responsible for the run off of existing business."
Earlier this year the company announced distribution deals with Mint Financial and Great British Finance Ltd.
First Mortgage Options, m2i, Personal Touch Insurance, Premier Partnerships, Webline, and Your Mortgage Options are also listed as partners on the company's website, which was still running as of today.
City Connexions previously had plans to expand beyond MPPI into other areas including pet insurance and income protection.
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