Bluesure will announce this afternoon that it is putting its business into run-off after failing to secure future capital.

Insurance Times understands Bluesure's backers, reinsurance broker Benfield Group, reinsurer GE Frankona Re and insurer BRIT Insurance Holdings, refused to provide it with further funding.

Tony Martin launched the Lloyd's syndicate 2400 in July 2001.

Bluesure wrote both direct and broker business, with a single product that offered up to seven types of cover, including home, motor and health.

The Bluesure policy was continuous, operating on a monthly direct debit with no renewal.

A spokesman said the company had written over 100,000 policies since its launch but would stop writing new business immediately.

"We were looking for greater capacity next year, to take advantage of the hard market, but weren't able to secure it,' he said.

A full announcement is expected to be made this afternoon.

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