Bishop left rival finance firm, Close Brothers, a year ago. PremFina has appointed of Sharon Bishop as UK & Ireland CEO and created an international division, Insurance Age can reveal. Bishop joins after 17 years at Close Brothers including seven years as CEO of Close Brothers Premium Finance (CBPF). Expansion Bishop’s appointment will support PremFina founder and group CEO Bundeep Singh Rangar to spearhead the business’ overseas expansion strategy.

Insurance Age revealed last week that PremFina had received investment in the tens of millions from a range of investors in order to drive its expansion aims and challenge Close Brothers and Premium Credit. PremFina UK and Ireland CEO Sharon Bishop commented: “PremFina’s adaptable and agile technology makes it a true alternative in the market. The business is built for the future with brilliant technology, excellent people and a culture of embedding themselves to support brokers and their customers.

“I’m looking forward to talking to brokers about how we can help them grow their business and deliver flexible financing solutions in the way their customers expect and deserve. That’s particularly pertinent given the tech revolution underway in the industry.”

Management Bishop departed Close Brothers last year following a restructure. Paul Trail was her successor but he also left the organisation shortly afterwards leaving Laura Sweetman in charge of broker relationships. Sweetman also recently exited the finance provider.

Singh Rangar, added: “Our team has built something flexible and fresh, with an ability to deliver quickly and delight customers. I’m incredibly excited about our next chapter with Sharon at the helm in the UK and Ireland.

“The creation of an international division will help us meet our ambitious growth plans and export our model to other corners of the world. It’s our can-do spirit and unwavering client focus that makes us responsive to the ever-evolving needs of our partners. That’s the company culture that helped us get here and one that we’ll maintain as we scale globally.”

PremFina’s proposition includes lending facilities to offer flexible finance for commercial and personal lines, and a stand-alone white label Software-as-a-Service (SaaS). According to PremFina, this enables brokers, insurers, and MGAs to use premium finance as well as self-fund their loan books or combine the two. The offering can also be embedded in the customer journey.

The business was founded six years ago by Rangar to provide a nimble alternative to incumbent providers. Since launch, it has grown to support over 100 brokers from some of the biggest intermediaries to pay-as-you-drive insurtechs.

Click here to read the Insurance Age article.

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