Start-up network the Purple Partnership is set to achieve its year one business targets in its first month of trading.
The South West based network, a collaboration of broker Jelf and former Westinsure managing director Bob Parkins, said this week it had 10 confirmed members, with a further 10 at various stages of the partnership process.
It also claimed to have attracted interest from members of rival networks, including the Broker Network.
The combined gross written premiums of Purple Partnership’s current and prospective members would exceed the £40m it set in its year one business plan.
Parkins, managing director of Purple Partnership, said: “I can confidently predict that pre-launch all indications are that we will achieve our target for the first year. At our next board meeting, we will obviously be reviewing our long term business aims.”
The network, which announced in November that it aimed to offer brokers alternative options to the other networks in the market, has attracted brokers with a premium income ranging from £750,000 to £8m.
Parkins said its membership figures showed that its proposition “obviously appeals to our target audience”.
He added: “This indicates that although we are a new network, there is still demand for a different proposition to the existing long-established networks and alliances.
“We have drawn on the experience of the Purple directors and my own experience of running a successful alliance and tried to focus on what our members really want, rather than a large menu of services which are expensive to provide and not fully utilised.”
Parkins stressed that all members were independent before joining, but confirmed that the network had received interest from members of other networks, including Westinsure, Cobra and the Broker Network.
He said the notice period that brokers were required to serve before leaving a network made it difficult to attract members from rival networks.
