Edinburgh-based broker Bruce Stevenson has launched a new insurance subsidiary named Callbruce.

Callbruce will be aiming to cash in on the gap in the market left by the collapse of Tribune Insurance at the end of last year.

Callbruce will offer a range of products including residential and commercial insurance, as well as accident, sickness and redundancy insurance.

The new subsidiary aims to reach premium income of around £25m in three years.

Initially based in Leith, Callbruce is aiming to recruit 12 employees this year.

Bruce Stevenson business development director Alan Russell said: "The concept behind launching Callbruce was simply to provide a niche range of products and services to businesses who handle insurance.

"Companies like Tribune Risk and Insurance Services had the right idea but, because of the management, failed in their efforts."