A new Lloyd's broker specialising in marine cargo and commercial vehicle business lines will be launched next month.
London Market Insurance Brokers (LMIB) is backed by the John Cahill Group and Simon Allport. It will be based in the London Underwriting Centre.
Managing director Allport said LMIB had £400,000 of paid up capital and would have a brokerage income of £250,000 for this year.
"We expect to have a 25% to 30% growth for 2003," he said. "We also hope to add teams that may be for reinsurance, financial and professional lines and wherever we think it will add value."
Allport added that LMIB hoped to make a profit in its first year by taking over binding authorities from underwriting agency John Cahill on 1 April.
