City Connexions shuts its doors

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 di...