The Folgate Partnership is close to signing deals with at least three hub brokers, its new chief executive Andy Homer has revealed.
But its deal to buy Bishops has been called off, said chairman Peter Cullum
The partnership, formed by Towergate Underwriting Group from its £20m purchase of Folgate Insurance last year, was officially launched on Monday night at the Natural History Museum.
More than 80 insurer and broker senior managers and executives heard Homer and Cullum outline their plans.
Homer said, as well as up to six hub brokers, the partnership would acquire about 40 "spoke" brokers.
The hub brokers will be the biggest in their region but not necessarily located around city centres.
The 46 brokers will form the Folgate Broker Partnership to feed business into the Folgate Partnership.
Folgate Network Partnership will also be a business feeder.
The network partnership will use Masterplan, which it acquired from Sirius Financial Systems, to access 380 insurance brokers.
The network will also access Towergate's 300 brokers.
The Folgate Partnership will continue to handle selected business held by Folgate Insurance, which will become an underwriting agency as soon as it receives Financial Services Authority approval.
The rest of Folgate Insurance's £55m-worth of business will be sold or run-off.
Homer said the directors were in talks with Folgate Insurance's senior managers about their future.
He said no decision had been made about Folgate's services suppliers but it was likely Folgate would negotiate with its partner insurers on what companies it used and handle many of its claims in house.
Chairman Peter Cullum said the partnership had set a "cautious and conservative" £300m as its expected gross premium income in its first year.
"Internally, if we don't achieve well in excess of that, we'll be disappointed," he said.
He said the directors had all invested their own money in the venture, which was funded by the Royal Bank of Scotland with a sum "significantly north of £20m".
Cullum said Towergate was unlikely to make in further acquisitions "unless there's a significant portfolio", in the coming 18 months as it prepared to float in 2003.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
