Bluesure was given a £4.5m shot in the arm by South African personal lines insurer Santam, to revive the venture and share it with reinsurance giant Benfield.
The company stopped writing new busine ...
Bluesure was given a £4.5m shot in the arm by South African personal lines insurer Santam, to revive the venture and share it with reinsurance giant Benfield.
The company stopped writing new business last year after its backers pulled their support.
GE Frankona, Brit Insurance Holdings and Benfield would not provide capital for 2003.
Santam and Benfield will now both own 46% shareholdings in Bluesure, which aims to relaunch over the summer as an almost entirely broker-only insurer.
Its multi-product continuous personal lines policy, which includes home, motor and health, operates on a monthly direct debit with no renewal.
Santam pledged to arrange £20m of underwriting capacity for the company either by providing it directly or via another business partner.
Santam executive director Koos Van Tonder said: "Santam will take responsibility for providing capacity. But how and where it will be structured is something we are working on and making good progress on."
Bluesure is developing a web browser to enable brokers to obtain full quotes and print documentation if required.
