Lloyd's group SVB is planning a major push into the packaged commercial insurance market after recruiting ex-Independent heavyweights Kevin Pallett, Geoff Crisp and Stuart Pettet.
The ex-Independent trio – all of whom were assistant general managers at the insurer – will now spearhead a new SVB facility called Fusion Insurance Services.
The new facility is due to be launched in the spring and will target regional brokers.
Pallett said: "After the wave of consolidation and service problems that the UK insurance market has faced in the last few years, we are delighted to be joining such a successful Lloyd's operation to offer brokers a much-needed choice for their commercial business."
SVB will hold the majority stake in the new venture, but Pallett, Crisp and Pettet also hold an interest.
The underwriting service hope to build on the position that Fusion Underwriting Services has developed since its launch 18 months ago.
Fusion is one of the Lloyd's market's leading ecommerce-based providers supplying brokers with directors and officers and employment legislation products via a number of distribution channels.
Pettet is due to join the team in January when he finishes working for Independent.
Pallett is now seeking to bolster Fusion's ranks with the recruitment of new staff.
"If there are any decent claims, servicing and underwriting staff, we would like to hear from them," he said.
