ABC Insurance, headed by former NIG chief, Phil Bunker, has confirmed its plans to launch in the broker market in June 2007. The business, part of the LV= Group, will initially employ up 30 people in its new headquarters in Croydon.
ABC will begin to underwrite both Personal and Commercial insurance for small-to-medium sized enterprises (SMEs) exclusively through brokers.
Initially, ABC Insurance will launch a business insurance product in June 2007, with a private car product to follow later in the year.
The new business has released ambitious targets, with a stated aim of writing £300m of premium income in the next four years.
Phil Bunker, head of ABC insurance, commented: “ABC's management team have a strong track record within the broker market. Backed by the financial strength of the UK's largest Friendly Society, they are part of plans to transform itself into a major force in the UK insurance market. With no shareholders LV= can put the needs of its customers first, combining the values of a mutual with the performance of a PLC.”
