Cassidy Davis Insurance Group has greatly expanded of its personal lines business.
As of next week, the company will offer product enhancement cover, typically warranty protection for consumer goods. The Lloyd's-based group expects the business to generate a premium income of £10 million-a-year. And growth plans may not end there.
Neil Deshpande, Cassidy Davis' newly-appointed managing director, said: "Our antennae are always on the look-out for acquisitions."
The personal lines expansion is to be spearheaded by a team of three underwriters recently recruited from rival Lloyd's syndicate Brockbank.
They have bolstered Cassidy Davis' 582 personal lines syndicate which writes its existing warranty and point of sale product enhancement business.
Deshpande said the scheme would dovetail with its personal lines range operated through its insurance services group in Haywards Heath, West Sussex.
This has a premium income of £70 m and handles more than 200 schemes for approximately 50 clients, including many household names.
Deshpande said: "This development will complement our range of personal lines products, especially on the warranty side." He added: "We are responsive in our dealings with brokers. They have approached us many times with the suggestion that moving into this market would be a natural extension for our company."
Deshpande said that unlike its competitors in the company market, his group has been able to respond to the flexible demands of brokers.
"We have therefore benefited from a number of opportunities resulting from brokers being put out by the activities of insurers who have been more concerned with internal issues."
Cassidy Davis is part of the St Paul insurance group, which as a corporate investor owns five per cent of Lloyd's underwriting capacity.