A niche motor insurer, Collingwood Insurance Company Ltd (CICL), has been formed in Gibraltar.
Founded by former North Tyneside Councillor Alan Beenshill, the company has been authorised by the Financial Services Commission in Gibraltar.
CICL will be underwriting motor insurance in Gibraltar and is entitled to provide services in the UK, it said.
Beenshill said he hoped to create more than 100 jobs in the Tyneside area over the next five years. During this time, CICL anticipates underwriting £300m through the venture, it said.
Northeast-based EasyPay Insurance Services has been contracted to market, promote and administer Collingwood products in the UK.
