Kevin Paterson, Source MD said: “General insurance is one of the few financial products that enable brokers to build embedded value with a long-term income stream from renewals – the better you look after your client the bigger the ongoing income stream.
“Building the book effectively is a really practical and positive way to boost your pension. At Source we will continue to pay renewals even if you have left the industry however this latest development offers the possibility of receiving a capital lump sum for your back book and you don’t have to be retiring in order to take advantage.”
Source founder and chairman Andrew Masters said: “20 years have flown by and many of our longstanding brokers are now retiring or leaving the industry.
“We’ve had a steady stream of enquiries both from Source users and other intermediaries about purchasing their GI back books, and have finally decided to do something about it.”