Life insurance broker Renew Life Risk Management has filed for insolvency amid Covid-related woes and struggles with professional indemnity insurance.
Professional Adviser's sister title Cover understands one of Renew Life's main lead suppliers - a Welsh-based firm responsible for 35-40% of its sales - has ceased trading as a result of Covid business interruption. This, combined with the prospect of revoked professional indemnity (PI) insurance early this year, has forced the telephone-based life insurance brokerage to enter proposed administration. Renew Life owner Colin Potts told Cover that the trouble started in December when he was informed that his firm's PI insurance, which it needs in order to trade, would be not be renewed due...
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