The Cobra Network and UKGI have announced plans to offer financial support to start-up brokers
The Cobra Network and UKGI have announced plans to offer financial support to start-up brokers.
The move will intensify the current battle for membership among broker networks.
Cobra will launch Cobra Genesis aimed at broking entrepreneurs, in an effort to attract more people to set up their own businesses by giving them direct access to its panel of insurers.
Cobra chief executive Steve Burrows said the network was looking to create brokers around the country.
“It is another arm of ours that we did not have before,” he said. “It saves us having to buy everything, like Towergate.”
UKGI, a broker support service, has similar plans, to work in conjunction with a major insurer which will pay for start-ups to gain FSA authorisation and UKGI membership fees.
Mike Williams, managing director of UKGI, expected start-ups to swell the number of broking firms this year despite the consolidation craze.
The Broker Network, Layton Blackham Business Solutions and the Purple Partnership already have facilities for start-up brokers, while Ten Insurance is a start-up network for appointed representatives.
The Willis Commercial Network has also said it might set up a similar scheme.
