Ink founders exit to set up Thames Underwriting

The two founders of Giles-owned underwriting agency Ink have left to form a new company.

Keith Syrett and Philip Thomas have created Thames Underwriting Ltd, which is targeting £3m gross written premium in its first year.

Thomas, who sold Ink to Giles in 2007, said: “I think the main reason for starting again was that we have got that entrepreneurial blood and I think there is a good opportunity. It’s important to stress no intention to impact on what is sold. It’s amicable.”

Thames will write general liability in contractors and manufacturing, professional indemnity and excess of loss. The agency, which is backed by a capacity provider with a top-tier debt rating, started business this week and will go online on 1 March.

Thomas said the agency would not in any way compete with Ink’s core trades, such as roofers, scaffolders, cleaners and printers.

Their departure comes at a time when Ink is bringing in Mike Smith as its new chief executive. Smith, who was previously sales and marketing director for motor insurer Provident, takes up his new role at the beginning of March.

A Giles spokesman said:  “Giles can confirm that Keith Syrett and Phil Thomas, directors of the Ink division, have left the business to pursue new opportunities and set up their own business.

“Compromise agreements have been agreed with Keith and Phil, and we are pleased that Phil will be acting as a consultant to Giles going forward.”