Network in talks with two brokers and a further eight are targeted
Cobra Network is in talks to acquire two major brokers after ramping up its acquisition strategy in the final quarter of 2006.
The broker network will complete the acquisitions of four brokers by January 2007, including purchasing the remaining balance of its own Lloyd's broker Cobra Gal. It will target a further eight acquisitions in 2007.
Steve Burrows, chairman of Cobra Network, told Insurance Times that the network intended to achieve growth within the group through the acquisition of both Cobra members and non-members.
John Lincoln, managing director of Cobra Network added: "What we are trying to do is have a presence in five or six centres around the country.
"By the end of 2007, we hope to have a UK-wide spread and we will also be looking to grow the network by recruiting members where we haven't got any so far, specifically in the North and East Anglia."
The network, which currently has 107 members and a GWP of around £400m, said it intended to increase its membership to 125, with particular recruitment focus on Scotland.
Lincoln said: "At the moment we have two members in Scotland and we are looking to increase that by a further eight."
Meanwhile, Cobra Underwriting Agencies is aiming for significant expansion over the next two to three years with a relaunched range of SME products in 2007.
This week it launched a breakdown facility through AXA Assist and is expected to launch a let property product as well as loss recovery and supply teacher schemes through Cobra Gal in the first quarter of 2007.