Subsidiary Ecosse to be run by former Independent team
Ecosse, a new insurance company for the Scottish market, officially opened in Glasgow today.
The insurer, a 100% owned subsidiary of Catlin Underwriting Agency's Syndicates 1003 and 2003, will write commercial combined, business liability and excess of loss business solely for the Scottish market.
Members of Independent Insurance's former Scottish business team are the key figures in the new venture.
Geoff Ross, Independent's senior underwriting manager in Scotland, is Ecosse's managing director.
Paul Russell and John Shaw are senior regional underwriters and Trevor McAuley is assistant underwriter.
Ross said he spent several months after Independent's collapse last year setting up the deal with Catlin and establishing the new company.
"My view was that the quality of the book of the business and the staff were too good to waste," he said.
Ross said Catlin would not push Ecosse (the French name for Scotland) for rapid growth.
"While we have a five-year business plan, Catlin has a long term view and our sole concern is to write profitable business for them, without pressure," he said.
Ross said a number of large insurers such as Royal & SunAlliance, AXA and Zurich had snapped up Independent's Scottish business after its sudden exit from the market.
"Our challenge is to recapture some ex-Indy business that fits with our new identity and strategy, and also the business coming on to the market through insurers' hardening attitudes," he said.
"The Scottish market is different because, despite its landmass, it has a relatively small market, both in terms of the business available and the size of the insurance community."
Ross said Ecosse had enough capacity to write up to 75% of the inquiries it expected to receive and anticipated talking to up to 21 brokers in the first quarter of this year, with 12 to 15 becoming active agents.
"That should have risen to 20 by the end of the year. In the second year and beyond, we don't see it going beyond 30," he said.
"We don't want to encourage more business than we can service."
