Target is £5m GWP in first year
The former underwriting director of Highway, David Murray, has launched Octane, a new underwriting agency targeting the non-standard UK motor market.
“We felt there was an opportunity as insurers become more computerised and less flexible,” Murray said. “We will specialise in non-standard risks that people find hard to place.”
The target is to write £5m in gross written premium for the first year. Products will be offered solely through brokers.
Commercial vehicle risks will include catering vans, skip hire and small haulage firms. Private car facilities will cover imports, kit cars, performance cars and modified vehicles.
The agency will also offer insurance to drivers with criminal convictions, self-drive hire fleets, taxi risks, limousines, chauffeur business and couriers, Murray said.
The company is backed by majority shareholder Prestige Underwriting. Murray owns the remaining 40%.