It has also confirmed that it is no longer accepting new business from ARs, bringing the deadline forward from March 31.
PNG managing director Steve Moorley says that it is now up to individual members to decide how to take their businesses forward.
In December PNG told Money Marketing that it was in talks with Sesame to take on the remaining 37 appointed representative firms.
Moorley says: “There’s nothing that’s been signed between myself and Sesame. It’s up to the ARs where to go. If they want to go to Sesame then that’s up to them. We were in talks with Sesame, yes, but that’s it.”
“PNG will still exist as a company, so we’ll have PI run off cover but we won’t be writing any new business.”
A Sesame spokesman says: “Sesame has been in discussions with the owners of Premier Network Group but it never involved a block deal to transfer all the remaining AR firms. We were looking at the potential for bringing in some of the individual ARs and that remains the case.”
Moorley says he is in discussions over setting up a new firm under the umbrella of Primrose Premier, which currently owns PNG.