Insurtech start-up Coverly has decided to no longer offering small business insurance but will continue to service existing customers.

A statement on Coverly’s website states: “Sorry, we are no longer offering small business insurance as we are sadly closing. Don’t worry, you are still covered if you have an active policy.”

The existing customers who have received a renewal quote can renew their policy. However, customers due to renew on or after 14 August will not be able to do so and their policy will cease at its expiry date, the company further stated.

This new development is anticipated to follow Coverly’s parent company Bibby Financial Services (BFS) restructure strategy.

In March, BFS said it was going through a restructure which included closing its Liverpool office and making a number of layoffs.

At the time, Coverly managing director Jodi Cartwright said the start-up would not be impacted by the changes at BFS and insisted that the start-up was ‘continuing to grow’.

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Coverly is a trading name of BFS and an appointed representative of Ambant Underwriting Services. The company was founded last year by Cartwright who had previously held executive roles at Aviva and Brokerbility among other insurance companies.