Start-up network the Purple Partnership is looking to reach £100m in annual premium income by 2011.
The new network, set up in collaboration with former Westinsure managing director Bob Parkins and broker Jelf, is hoping to take advantage of the “mass of brokers” that are still independent.
Parkins, who is managing director of the Purple Partnership, said: “There are still a tremendous amount of brokers that have not yet joined a network.”
He explained: “What we are going to do is design a business that would apply to those brokers and ask them why they have not joined other networks.”
Parkins revealed a three-year business plan for the Purple Partnership, and hoped to achieve £100m in premium income.
He also expected between 40 and 50 members in the network.
He added that he was look-ing to add members before going live in the New Year.
Parkins claimed a number of brokers had already “verbally agreed” to join.
The Purple Partnership will now be in direct competition with Plymouth-based network Westinsure, which Parkins left 12 months ago.
He was also a director of broker PSP Westinsure, which was pulled out of Westinsure earlier in the year.
PSP, which officially leaves the network on 31 December 2007, has now changed its name to PSP Insurance and Financial Solutions.
Parkins said he would now take a back seat, adding: “I will be spending all my time on the partnership.”