Westinsure's sale to Broker Network could be the start of increased network activity
The protracted completion of a deal between The Broker Network and Westinsure is thought to be on the cards.
The deal would see the Plymouth-based alliance Westinsure join the Towergate network division and kick-start the consolidation amongst networks that was predicted by a number of market sources last year following Towergate’s acquisition of The Broker Network.
Network chiefs insist that broker interest in networks has never been higher, but membership figures have not taken the leap that many expected by this time of the year.
Since being acquired by Towergate, The Broker Network has added just four members. All of the broker networks have ambitions for huge growth in membership, and all are going down different routes.
With its backing of Towergate, the Broker Network is set to pounce on the 140 Westinsure members to give it the boost that will make it the leading network by some distance.
However, uncertainty remains as to how Westinsure members will react to the move. Without the contractual restraints of most other networks, Westinsure members will not be obliged to join the Broker Network.
Sources have suggested that Westinsure members will be asked to join the new Broker Network Associate, a proposition that allows brokers to test the network before committing to full members.
The deal would certainly spark some new life in to the network arena, and could be the catalyst for a surge in brokers taking network membership.
