08 July 2009
Specialist UK general insurer, IGI Insurance, has signed up Steve Devine, chairman of Protect, the association of UK creditor insurers, to spearhead a move into the payment protection market. Mr Devine will also be responsible for growing the company's established GAP insurance and warranty business.
Mr Devine brings with him 25 years' experience in the creditor insurance market,the last 15 years of which were with Cardif Pinnacle, a provider of creditor, warranty and special risks insurance. As the current chairman of Protect, he takes a leading role on issues affecting the creditor insurance industry.
Mr Devine's remit at IGI Insurance covers three product areas. He will be responsible for developing their payment protection insurance business, including mortgage payment protection and income protection, as well as other creditor covers. Mr Devine will also target the motor finance market to develop IGI Insurance's existing GAP business, whilst also supporting its established warranty business, which incorporates new, used and extended mechanical or electrical breakdown insurance and guarantees.
Mr Devine says: "IGI has a tremendously entrepreneurial spirit and that's what attracted me to the company. It works closely with its network of brokers and affinity groups to deliver products that are tailored to meet the needs of customers. That's more important than ever in a climate where there is a very real need for cover and I'll be looking at various distribution channels for these products.
"Unemployment in Britain is at its highest level since the early-90s and figures just released show the Government's Mortgage Rescue Scheme, set up to assist 10,000 mortgage holders, has helped just six households. Now more than ever, payment protection has the opportunity to come into its own as a means of surviving the tough employment market.
"For those with cover, it's the difference between having peace of mind that there's support until a new source of income can be secured, and facing the prospect of having their home repossessed or being legally pursued for mounting debts. Relying on state benefits to help you and your family stay in your home should not be anyone's first option," added Mr Devine.
Keith Wardell, managing director of IGI Insurance, said: "We're delighted to have Steve on the team to focus on these three important products. His knowledge of these markets and contacts within the industry will be invaluable in establishing IGI Insurance as a leading provider in the creditor insurance market. Whilst IGI's GAP and warranty business is well-established, we are committed to continued growth and Steve will be integral to achieving that."