Brokers have reacted with indifference to esure founder Peter Wood's plan to start up Spectrum - a direct motor insurer for high risk cover.
Tony Allen, chief executive of broker Allen & Allen, whi ...
Brokers have reacted with indifference to esure founder Peter Wood's plan to start up Spectrum - a direct motor insurer for high risk cover.
Tony Allen, chief executive of broker Allen & Allen, which specialises in high risk cover, said: "Wood has experience in this field with Privilege, but we'll just live with the threat."
He added: "Tesco and others have started selling in this market in recent years, but it hasn't stopped us having a record month in June."
Wood announced that he was setting up Spectrum with the backing of HBOS - the bank behind Wood's esure brand.
Esure covers only good drivers, as depicted by Michael Winner in the TV commercials. Spectrum will cater for higher risk drivers and vehicles.
But, said Wood, Spectrum would not cover the likes of David Beckham, who recently sold his bulletproof Mercedes.
Entertainers have accused esure of practising double standards by covering Michael Winner, but refusing cover for people working in the arts.
