Hollard has confirmed its commercial motor product will be withdrawn from the broking distribution channel.

“Following a strategic review of our broker portfolio, Hollard has made the decision to simplify our broker offering,” a spokesperson said. “As a result, we will no longer offer commercial motor insurance through brokers.

“Hollard’s broker business remains a priority, and we will be working closely with our valued broker partners through this change.”

insuranceNEWS.com.au understands Hollard has told brokers it will no longer conduct new business or issue renewals for commercial motor on the Steadfast Client Trading Platform from July 31.

Brokers were told final renewals will be issued on July 30 for policies with an effective date up to and including September 10; new business quotes issued before July 31 will be valid for up to 30 days, for policies with an effective date up to and including September 10.

The commercial motor product is designed for SMEs and sold through Steadfast brokers, according to its target market determination document.