Press Release

Paymentshield launches new bespoke MPPI product

Brokers can now individually tailor customers' Mortgage Payment Protection Insurance (MPPI) cover by using MortgageProtector, the latest product development from Paymentshield - one of the UK's largest independent suppliers of mortgage related general insurance to intermediaries.

Boasting a prestigious five star Defaqto rating, this enhanced product combines the flexibility of bespoke and improved cover with affordable pricing.

The improved optional levels of cover available include:

• Ability to protect a monthly benefit of up to £3,000, subject to a maximum of 75% of their gross monthly income.
• Cover up to an additional 33% of customers' monthly mortgage payment and related insurance costs, helping to protect other household expenses.
• Supports Government and Local Authority Shared Homeownership & Homebuy Schemes.
• Wider choice of qualification and excess periods up to 180 days.
• Option to select different qualification periods for Accident or Sickness and Unemployment.

In addition, new and improved customer benefits include:

• Individual case managers handling your customers claim.
• Free legal expenses cover for employment and bodily injury disputes.
• Free 24 hour Health & Medical, Counselling and Legal Advice help lines.
• Free back to work assistance for unemployment cover including help with CV writing and interview techniques.

The enhanced cover recognises some of the recent changes that have taken place in the UK housing market.

Chris Traynor, Sales and Marketing Director of the Southport based insurer said, "Protecting your home is probably the next most important priority after protecting your family. Yet Mortgage Payment Protection Insurance cover continues to be a low priority for many people. This is probably because they don't understand it and due to the unfortunate associations with loans and credit card PPI."

"Our enhancements have been driven by customer feedback and are intended to be easily understood by clients and simpler for brokers to recommend. We are delighted that independent financial research agency Defaqto, by awarding it a five star rating, agree with our belief, that this is one of the best MPPI products in the marketplace."

Paymentshield will also be contacting existing MPPI customers notifying them of improvements to their terms and conditions and allowing them to choose to benefit from the new options if they want to. In addition, our quote system Inertia will be updated with MortgageProtector from early May to allow brokers to start selling this great new product.

Mr Traynor added, "Given the uncertainty surrounding the UK economy there has never been a better time to make sure customers have the best protection in place for their mortgage."

-ENDS-

For all further enquiries, please contact:

Sandy McPherson, Head of Marketing, Paymentshield on 0131 338 5104 or Francis Higney, Higney's PR, on 020 76356068 or 07941979301

Date: 07/04/08

CC1069

Notes to Editors

1. MortgageProtector will replace the existing MPPI Paymentshield products - MortgageShield, FreeFirst, FreeStart and BestQuote for new business cases.