Three more former Independent staff, Mark Stephenson, Steve Williams and John Birchall, along with Phil Worthington, the national accounts manager for CGNU, have joined Fusion to head the company's four regional branches.

Fusion is a commercial insurance facility headed by former Independent Insurance assistant general managers Kevin Pallett, Geoff Crisp and Stuart Pettet.

It is backed by the Lloyd's vehicle SVB Holdings, which holds a majority stake.

Stephenson will run London and the Home Counties, Williams the south and south-west, Birchall the north of England and Worthington will run Scotland.

“They are serious players in the market and I am delighted they have joined us,” said Geoff Crisp, executive director.

Fusion is seeking to build exclusive partnership arrangements with up to 250 regional brokers in

the UK.

There is no fixed date set to start writing business, but Rob Page, group marketing director of the SVB Group, said he hoped operations would be up and running by the summer.

Fusion will be targeting small to medium-sized businesses.