LV= Broker targets £100m after Brokerbility tie-up

LV= Broker has signed a three-year deal with Brokerbility as it aims for commercial premium income of £100m by the end of the year.

The insurer has added its commercial product range to Brokerbility's panel of key insurers.

Brokerbility, a select group of 34 “like-minded” independent brokers, spans more than 40 offices and has total gross written premium of £425m.

LV= said the deal would enable it to add continuous growth to its commercial book and pursue a longer-term aim of achieving £250m GWP by 2014.

LV= Broker commercial director Mike Crane said: “This is a great deal for us. It enables LV= Broker to continue to grow its commercial book with high-quality brokers. I believe our products and customer service will go down well with the Brokerbility members.

“Our respective companies also have similar ideas of ethics, which is important in making business relationships work. LV= Broker has come a huge distance in the past 12 months and the deal reflects this growth.”

LV= Broker has joined a panel of more than 15 insurers that currently have deals with Brokerbility. It will be managed through LV= Broker’s branch network and will be overseen by commercial development manager Mark Campbell.

Brokerbility managing director Ian Stutz said he was “very positive” about the relationship.

“LV= has come to us with a proposition which we think provides a solution to our brokers in a number of areas,” he said. “This will be a very valuable asset and we look forward to having them on board.”

LV= has about 2,000 broker relationships across commercial and personal lines. In January, it extended its relationship with the Cobra Network to include its commercial product range.