Bluesure chief executive Tony Martin has not ruled out starting a new venture using bluesure's "revolutionary" concept, despite the collapse of his company last week.
The Lloyd's syndicate stopped ...
Bluesure chief executive Tony Martin has not ruled out starting a new venture using bluesure's "revolutionary" concept, despite the collapse of his company last week.
The Lloyd's syndicate stopped writing new business after its backers GE Frankona Re, Brit Insurance Holdings and the Benfield Group refused to provide it with capital for 2003.
Its run-off is currently being arranged.
Bluesure wrote both direct and broker business, with a multi-product policy that offered up to seven types of personal lines cover.
The policy was continuous, operating on a monthly direct debit with no renewal.
Martin said he continued to believe the concept was a great one that could work.
"It may well be that in the future we can obtain the capital we need and come back," he said.
He said the concept was well received and expected to grow significantly in 2003, but was killed by the current capital squeeze.
Brokers said they were shocked by bluesure's demise.
"We went up to see them two months ago and they gave no indication anything was wrong," one broker said.
"Now its quite embarrassing, because we'd told a lot of important clients that they were backed by big players."
Martin said bluesure spent weeks negotiating with its backers and realised the capital would not come through only two days before it announced its run-off.
He said eight of bluesure's 16 full-time staff would remain to run off the broker business, but GE had not yet finalised the run-off of the direct arm. The other eight staff were likely to be made redundant.
Martin said he did not know what he would do next, but was adamant that he felt no bitterness toward his backers.
"I can see the commercial reasons for driving it through," he said.
