First Assist is in talks with insurance companies over a new type of uninsured loss recovery product that will make use of the company's wide range of assistance services.

Chief executive Tim Ablett said that the new broker-sold product would be part of an organisational change to focus on a customer-led proposition rather than product-driven approach.

Managing director Steve Wood said that the growth targets for the business were 12% increase in gross written premium per year from a base of £300m and a 30% annual increase in fee income from £25m to £80m-£100m in 2007.

Wood added that while R&SA was contracted to underwrite First Assist's products until 22 October 2004, the risk would be entirely pushed through to Munich Re.