FCA-authorised retail insurance broker Eunisure Limited has gone into liquidation.

Eunisure is a wholly-owned subsidiary of Financial Planning and wealth management firm AFH Financial Group and has been part of AFH’s protection operations since June 2017.

West Midlands-based AFH was acquired by US private equity interests in June 2021.

The firm has been one of the UK’s fastest growing adviser firms and has been led by Chartered Financial Planner Alan Hudson.

Eunisure placed retail life protection business including term life insurance, whole of life insurance, critical illness insurance, and income protection insurance.

The insurance broker remains authorised and regulated by the FCA.

The firm is based in Bromsgrove and Newmarket.

The insurance broker has been trading since January 2007.

Having considered the firm’s financial position, earlier this month the directors concluded that the firm was insolvent and appointed a liquidator.

Roderick Butcher of Butcher Woods has been appointed as the liquidator.

Any existing cover placed through Eunisure remains in force, but the firm is no longer able to broker any new policies.

The regulator added that Eunisure customers should continue to make payments on policies as usual.

The FCA warned clients of Eunisure to “remain alert to the possibility of fraud” and to end any cold calls claiming to be from the company or Butcher Woods and ring them back using contact details on the liquidator’s website.

AFH Financial Group was bought by US private equity firm Flexpoint Ford which used a takeover vehicle, Cortina Bidco Limited, to execute the deal in 2021. 

The £232m deal was almost derailed when major AFH shareholder Slater Investments objected to the price being paid. Slater owned approximately 13% of AFH.

Following the opposition, Flexpoint increased its bid for AFH to 480p in cash for each AFH share. Under the previously agreed deal, shareholders would have been entitled to only 463p per share.

AFH has acquired 50 Financial Planning and IFA firms in the past six years and has been a leading consolidator although acquisition growth has slowed in recent years.