Castle Cover, a new entrant to the over 50s general insurance market has been launched today.
Castle Cover is led by Andrew Marchington and is backed by HSBC Bank and Asset Ventures, part of the family investment vehicle that controls Primary Group, the Bermuda based insurance distributor.
The company plans to hit gross written premium levels of over £100m and sign up half a million customers within a five-year period.
Marchington said: "We know there is a room in the market for a third major over 50s brand and we will initially be targeting the home insurance market. This market is growing as a result of people living longer and the 'baby boomer' generation now maturing into this sector."
The company said that other products, such as motor, travel and pet insurance will form part of the offering.
