I really must correct the impression that seems to have been made by your piece on Broker Direct (News, 23 February).
Broker Direct is a "mutual" organisation majority owned by brokers which are also our agents. Brokers own 78% of the shareholding, the management and staff own the rest, Andrew Paddick is the largest shareholder not the majority shareholder. The company designs and distributes motor products and represents five motor underwriters.
However we have also been distributing non-motor product for four years through our website, and the SME launch is an exciting extension of this programme. We also now carry household products both on the website and via EDI. Currently we are investing heavily in IT for both EDI and internet and also in a London market presence to serve our members.
These are not the actions of a board preparing to sell and nor do we have the slightest indication that brokers would be willing to sell. Indeed our brokers can deal with us reliant on the fact that we are not going to be swallowed up by a predator.
Roy Green
Chief executive
Broker Direct
