Ex-Norwich Union man targets £20m GWP in battle with composites
Primary Broker Services (PBS) is to begin an aggressive push into the Scottish market under the stewardship of former Norwich Union sales and marketing director Stephen Marshall.
The company is to pump £3m into a new operation in Scotland this year in a bid to attack composite insurers' local operations.
It is targeting £20m gross written premium within three years, which would amount to a quarter of its current business volumes.
Marshall, who has been named managing director of the Scottish region, is in the process of recruiting a team of 15 to 20 underwriters, who will be based in Glasgow.
PBS expects the operation to be underwriting business by September.
Tim Rolfe, chief operating officer of PBS, said: "Scotland is a market where relationships are key. A number of the major insurers have been consolidating and centralising their operations and moving out of certain regions. We are doing the opposite.
"By adopting a standardised strategy to underwriting across all regions, some of the large composites are ignoring opportunities which we will be able to pick up. This is why we expect to be writing £20m GWP in Scotland within two to three years," he added.
PBS currently underwrites £85m GWP across its operations.
Marshall said: "I am delighted to be joining PBS and look forward to the challenge of growing the business in Scotland. It's great to find a company with a fresh approach where people and relationships are at the heart of the business philosophy."