Insurer said changes in commercial and HNW would hit a “relatively small” number of people and stated there were no plans to scale back in these markets.

Covéa Insurance has confirmed it has begun a consultancy period with a number of staff as it reviews its high net worth (HNW) and commercial business.

Insurance Age can reveal that the provider announced the proposed changes to the team yesterday (12 June).

It is believed the move will impact up to 20 people.

The insurer stated that a “relatively small” number of people would be affected but did not outline if there were plans for office closures.

The final outcome will be decided when the consultation ends but the insurer aims to redeploy as many people as possible into different posts within the company and some new roles may also be created.

Model
Simon Cooter, commercial and HNW director at Covéa Insurance stated: “We are currently undertaking a review of our commercial and HNW business.

“The dynamics of the market are ever changing and we need to ensure our operating model matches the needs of the market to achieve our future growth plans.”

The changes are not expected to affect brokers who, in most cases, will still deal with the same person they are used to working with.

Cooter added: “A consultation process is currently underway and we will be able to provide further details once that process has been completed.”

The consultation period is set to complete in the first week in July.

He concluded: “Ultimately the key reason for the review is that we want to be able to continue to grow our commercial and HNW business, and do it more efficiently and in a way that exceeds the ever evolving expectations of our broker partners and customers.”

For all the latest industry news direct to your inbox, sign up for our daily newsletter.