The UK firm, which is part of the HBOS group, issued a letter to independent financial advisers on 30 January confirming their decision to close the Jersey sales office in West’s Centre the next day.
The letter said Clerical Medical Investment Group Ltd and CMI Insurance Company Ltd had undertaken a review of the Channel Island operation and decided to close.
However, the firm says it is ‘absolutely committed’ to ongoing services to Channel Island intermediaries and clients and that existing policies will continue to be serviced from the Clevedon and Isle of Man offices.
A spokesman said the Jersey office was primarily a liaison office for IFAs and there would be no impact on policy-holders, who had been serviced from the Isle of Man for some years.
‘Given the maturity of the pension market locally, anything ongoing can be done from other locations.
The spokesman said that the three existing members of staff were being offered redeployment within the HBOS group, which has a branch in the Island.
‘Whether they would like to move there has yet to be determined,’ she said.