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."

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

Recommended

How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.7%, but can you trust it to deliver?
Share tips

Persimmon yields 12.7%, but can you trust it to deliver?

With a dividend yield of 12.7%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate a com…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022

Most Popular

Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022