At a virtual town hall meeting in early January, staff at XS Direct were briefed that the motor insurance agent and brokerage was winding down its operations over a 12-month period. It was sad news, but not unexpected – its business had fallen in recent years, while 20 per cent of their colleagues departed following a voluntary redundancy. Having seen its customer base shrink after hiking prices, it was faced with a major decision: Inject more capital or take the decision to stop taking new policies and write down its existing ones in an orderly manner. Now, however, there has…

Want to read the full story?

Avail of our special offer and access this piece – and everything else on The Currency – for one month for just €1.

Subscribe

Cancel at any time.

Are you already a member? .