Welsh broker seals huge distribution deal with network
Independent Welsh broker Moorhouse has completed a distribution deal worth £40m over five years with recently floated commercial broker network Cobra.
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 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.
As part of the deal Cobra members will benefit from the advanced technology of the Xbroker platform, favourable commission rates and preferential terms.
Moorhouse chairman Lyndon Wood said: “Cobra is the fastest growing network of commercial insurance brokers in the UK and so by sealing this deal, we are able to give even more brokers access to our products.
"Not only is this good news for them, but it is also in total alignment with our ambitious growth plans for the next two years. This is a very exciting time for us and cementing a partnership with a like-minded company such as Cobra will help propel us forward.”
Cobra, the Caterham based network which was floated on the Alternative Investment Market (AIM) in July of last year, offers free membership to commercial brokers with gross written premiums (GWP) in excess of £1,000,000 subject to qualifying criteria.
Chairman of Cobra, Steve Burrows, said: “Cobra’s philosophy is to offer independent commercial brokers the benefits of working together in a true partnership enabling them to compete more effectively in an increasingly competitive marketplace. In order to do this, we have to ensure we are giving them access to the best products.
"Moorhouse’s product range is a great addition to our portfolio and the Xbroker platform means that we can offer leading technology too for products that wouldn’t otherwise be available. 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. “
This deal comes just one month after Moorhouse announced its “hypergrowth strategy” which set a target of £100m in gross written premiums via organic growth by the end of 2010 for the Welsh broker and an investment of £6.5m with 85 additional staff.
