Fred. Olsen has ended its relationship with Thomas Cook after insurer Euler Hermes pulled its third-party coverage.

"We have enjoyed a long and fruitful relationship with Thomas Cook and the Co-operative Travel retail outlets and we will end our relationship in amicable fashion following our discussions where, regrettably, we were unable to reach agreement," said Nathan Philpot, sales and marketing director at Fred. Olsen.

Thomas Cook released a statement saying that they could not reach an agreement with the cruise line and therefore will not be making bookings for them through their network of 1,200 stores and various call centers.

The company also pointed out that they are the UK’s largest seller of cruise holidays, and Fred. Olsen represented a small part of their retail business in Britain.