Start-up broking network Cobra has announced rapid growth in membership that exceeded expectations. 20 independent commercial brokers have signed up to the network in three months.

The Surrey-based network said this was double the initial target, and had increased the network's premiums income to almost £100m. Cobra was launched in June this year.

The network said it aims to attract commercial brokers with a premium income of between £1m and £6m. Cobra's panel of insurers includes Allianz Cornhill, AXA, NIG, Norwich Union and Zurich.

Managing director John Lincoln said he hoped to expand Cobra to 100 brokers by this time next year.

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