Niche UK general insurer, IGI Group, has secured a major international reinsurance contract through its newly formed London market operation, which will provide nearly a third of its targeted revenues.
The deal is estimated to be worth between £30m and £40m, and represents more than 30% of the group's income target for 2009.
The agreement, which was signed with a Danish insurer in the last ten days, will provide cover on undisclosed French property business.
Tony Griffiths, director of IGI's London operations, said: "Before VÍS [leading Icelandic insurer Vátryggingafélag Islands hf] put major investment into IGI in February, the group did not have the capital to seize these opportunities, now it is possible."
The division, which will focus on commercial property and combined package business both in the UK and overseas, intends to target the group market providing specialist insurance cover for trade associations, franchises, affinities and outlets.
Griffiths said the London operations would "certainly look to grow", but insisted: "We are not going to be transactional, so we are not going to need 20 people quoting every day.
"We will match the roll up with the type of opportunities that we continue to see and try to be responsive to that."