Brightside increases underwriting capacity
AIM-listed Brightside, a specialist insurance broker, has launched a new underwriting facility with Markerstudy, the Gibralter-based insurance group.
AIM-listed Brightside, a specialist insurance broker, has launched a new underwriting facility with Markerstudy, the Gibralter-based insurance group.
Under the terms of the agreement, Brightside has been granted delegated authority to determine premium pricing and to bind Markerstudy for up to £80m of premium, which will be written through the eCar platform. Subject to the results of this initial agreement, the board anticipates that additional agreements will follow, which is expected to further boost the capacity available.
Martyn Holman, Chief Executive of Brightside, said: "The board sets itself a target of broadening its underwriting panel in order to ensure sufficient and diverse capacity is available across its entire product range. The additional capacity being supplied by Markerstudy is part of this process and we look forward to making further announcements in due course."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Brightside's business model involves providing underwriters with a reliable source of quality business, mainly vehicle insurance, so it carries no underwriting risk itself.
In July it launched car insurance policies for the High Street retailer Debenhams.
Consensus estimates for the full year, ending December 31st 2012, are for pre-tax profits of £19.58m on revenues of £89.24m.
CM
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published
-
State pension errors: DWP urged to check for mistakes among divorced people
Former pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
By Ruth Emery Published