Welsh broker eyes further distribution deals for its commercial products
Welsh broker Moorhouse could be set for further partnerships with broker networks following its distribution tie-up with Cobra.
Moorhouse chairman Lyndon Wood is not ruling out the possibility of further deals, after agreeing to a five-year distribution deal worth £40m with the AIM-listed network.
Wood said each network had its own merits. He said: “We are always looking to increase distribution. If we do another one, it is a case of offering something different to them. We try to keep them exclusive.”
The five-year contract will see the provision of tradesman liability, goods in transit – courier, goods in transit – haulier, contractors all risks and let property insurance to members via a Cobra branded white-label version of the Moorhouse Xbroker platform.
In addition, its van and private car products will be available to Cobra members on OpenGI, CDL, SSP and Insurecom.
Wood added: “The synergies there were great. Cobra had a gap there for its members and we were able to fill that gap.”
Last month, Moorhouse announced its “hypergrowth strategy”, targeting £100m in gross written premiums through organic growth by the end of 2010.
Steve Burrows, chief executive of Cobra, said: “Moorhouse is a very dynamic, fast-growing company, much like ourselves, and so we have worked very well together in completing this deal for the benefit of our brokers.”
