Former Tesco Compare chief Debra Williams will head up the new Covea-funded aggregator due to be launched next year.
The launch of the unnamed aggregator, reported in Insurance Times last week, could see it spend more than £30m on advertising to rival its competition.
It aims to grab market share from rivals Confused, Gocompare, Comparethemarket, and Moneysupermarket.
Williams said: "We will have the right pricing strategies, an excellent customer process and impressive insurer relationships to ensure that we will do more for the insurers and our customers.”
The business will start by supplying personal lines products such as car and household insurance, then move into commercial lines.
It will be based near Cardiff and employ up to 50 staff.
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