Moorhouse is aiming to generate £30m gross written premium (GWP) by the end of the year, after selling off its corporate division to its management team.
The deal, funded privately, will see managing director Simon Thomas and Jan Wilkins take over the £3.5m GWP corporate business along with new director Andy Fairclough and Graham Morgan.
Moorhouse Corporate will remain an appointed representative of Moorhouse for six months when the business will be moved to Cardiff.
"We aim to grow organically to £5m GWP by the end of our trading year [February 2008]," said Thomas.
"We have achieved £3.5m after 28 months trading, which is not a bad start."
Moorhouse Group chairman Lyndon Wood said the company would now invest the cash from the sale in "technology and infrastructure" to expand its product offering as a distribution network.
"We want to expand our Xbroker package and plan to add 11 new lines to that business," he said.
The online system wholesales to a 2,800-strong broker panel and has generated £15m of new business since last August.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
