CITRI is the latest mortgage advisory business to sign a single tie agreement with Paymentshield, which will run until at least July 2013.
It sees CITRI agree to sell only Paymentshield Buildings & Contents, MPPI and Landlord Buildings & Contents policies from July 20 2009. Non-standard B&C risk products will be supported through sister firm Towergate Home & Protect and any Commercial Insurance opportunities will be referred directly to Towergate Risk Solutions.
CITRI has some 250 mortgage advisors and operates a single brand strategy. Ian Halley, key accounts director at Paymentshield, said he was "delighted" to deal with a firm, who in his opinion had a business model which helps it stand out in the market place. He added that Paymentshield wanted to "actively" support its intermediary partners in a challenging business environment.
He added: "We believe that CITRI will emerge as a leading player in the mortgage, GI and life assurance advice based world."
The new arrangement provides Paymentshield with direct access to all CITRI’s advisers, including those who have not previously sold General Insurance or dealt with Paymentshield.
"This is the sixth new major distribution partnership this year alone and once again demonstrates the strength of our product range, the quality of our service and our professionalism," said Halley.
"We are committed to supporting the intermediary market and are always looking for opportunities to create business partnerships with operations that have result and customer driven business models."
Keith Atkinson, CEO of CITRI, said: "We are delighted to be partnering with Paymentshield and benefiting from their award-winning MPPI and B&C products. CITRI is committed to providing our mortgage professionals with best of breed products across all disciplines. We believe our business model is ideally suited to meet not only the needs of our customers, but also our intermediaries and we are looking forward to driving our business forward in partnership with Paymentshield."