Former Anthony Kidd Agencies underwriters Paul Byrne and Frances Stacey are starting a new company, Byrne and Stacey Underwriting (BSU), to underwrite personal accident and travel cover.

The underwriting agency will offer personal accident & travel insurance on behalf of certain Lloyd's syndicates.

Paul Byrne believes this is an opportune time to go it alone because the market is starting to show signs of recovery. Several major Lloyd's players have withdrawn from the personal accident and travel market because capital backers have pulled their support in the wake of mounting losses.

Paul Byrne said: "We aim to work closely with brokers and to provide their customers with a flexible, innovative and bespoke service.

"We established the business because we wanted to create our own company and do it for ourselves."

BSU is currently negotiating with several brokers and will announce agency agreements in the course of the next two to three months.

The levels of brokerage will vary depending on the product – for example the personal and accident and illness standard rate will be

25% and the self-issued Short Trip will be 30%.

Brokers will also be able to issue their own bespoke documentation, either generated through a computer or from pre-printed Certificate Pads.