Three new commercial lines products set for launch
Primary Broking Services (PBS) will roll-out three new products in early 2007 for its commercial lines brokers.
It also plans to offer its agencies a three-year exclusivity agreement on its portfolio.
PBS managing director Richard Pitt, who joined the underwriting agency from AXA six weeks ago, said the company will not grow its existing 270 agency base any further but instead offer brokers either a "transactional relationship or a strategic relationship".
"With our current strategy and product range, typically 60% of a brokers clients could choose PBS.
"PBS can offer an insurance solution for around 60% of an average SME's business needs. By building the PBS product range we will aim to be able to underwrite up to 85% of the same SME's business insurance needs. We hope that this will appeal to the broker community who recognise the diverse insurance requirements of even the smallest of businesses," said Pitt.
Pitt said its brokers could either remain on a transactional basis with PBS and retain benefits of its service or the broker could take a strategic relationship.
"This would mean the broker gets the product exclusively in its region and signs up for a three-year contract. This shows we are committed to the broker and hopefully it will want to develop the relationship."
He was adamant the approach was not "an agency review or a way to establish a club" but would show PBS was dedicated to its brokers and "focus on the loyalty of that agency".
It is understood PBS will report around £35m GWP for 2006, against £30m in 2005.
Pitt said PBS business development managers had been briefed on the products and would be speaking to brokers during November and December this year.
