Cobra is planning a major assault on the regional broker market following the merger of six broking organisations into Cobra Holdings.
The new insurance group formally brings together BKG Insurance Brokers, BKG Corporate Risks, BKG Financial Services, Truman Lincoln, GAL and the Commercial Broking Alliance.
Cobra chairman Steve Burrows said the group planned to buy up eight brokers every year for the next five years, aiming for £600m GWP income within five years.
He said Cobra was already in talks to buy 11 brokers across the country, with two acquisitions already agreed.
Burrows added that the merger would catapult Cobra into the Top 10 Regional Broker list.
"Cobra Holdings will be a major force in the UK insurance market with direct premiums in excess of £100m, together with Cobra Network generating in excess of £325m in gross written premiums," Burrows said.
The group will also incorporate two new arms, Cobra Insurance Management and Cobra Underwriting Agencies.
Composite hubs will be launched in Plymouth, Birmingham, Leeds and Essex.
The underwriting arm, which will serve network members only, is to expand into new commercial lines including fleet, small end professional indemnity and transit. It will begin trading by the end of the year.
The new face of Cobra Holdings