Pavilion Insurance Network is looking to buy brokers' books of niche business and is also planning to expand into events insurance, its chief executive revealed this week.
The announcement came as the 'virtual insurer' reported a 15% increase in profits and the launch of three products.
On the company's acquisition plans, chairman and chief executive Andrew Selby said: "We're far more interested in the intellectual property than the actual business. We want to buy on the value of the profit rather than on multiples of commission.
"This week Pavilion launched: Orchestral-guard4schools aimed at children within independent schools who either own or hire instruments; Djguard for the DJ and disco community; and Gizmoguard, targeted at owners of iPods, Blackberries and other digital gadgets."
Selby said there were also plans to expand into events insurance, focusing on the smaller end of the market.
Pavilion Insurance reported a pre-tax profit of £201,849 in 2005, a 15% increase on 2004's figure of £174,541.
Gross written premiums rose from £1.71m in 2004 to £2.03m 2005, an increase of 19.1%.
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