Brokers and other insurance retailers can now buy cover for regulatory compliance from a Euclidian joint venture.

The joint venture, which combines Euclidian's insurance experience with the regulatory expertise of Surrey-based IFAct Group, is called General Retail Insurance Distribution (GRID).

It is aimed at companies and individuals for whom insurance sales are, or could be, part of their income.

Chairman James Truscott said organisations would be able to choose from a selection of products and compliance services to suit their business needs.

He said the network offered an opportunity for organisations to improve general insurance sales without worrying about new regulatory demands.

The so-called white-label network - which means organisations can brand it as their own by putting their own name and logos on any network literature or web designs - offers general insurance to extend the range of services in their existing business.

He said the company expected to have earned £20m in premiums by the end of December.

GRID is authorised by the General Insurance Standards Council (GISC) and deals with all the GISC issues and other regulation for its members.

The network has panels of insurers providing cover for its members. Its motor panel currently has 17 members.

Truscott said: "Euclidian will be on the panels for household, pet and caravan. I don't envisage it being on the others."

GRID also offers cover in health, travel and other classes of business.