Primary Group is expecting an annual premium income of more than £30m next year from its latest acquisition, UK Insurance (UKI).
According to group chief commercial officer John Bibby, premium income from the third party schemes business, now rebranded UK Underwriting, would rise from its present £25m net of commission to exceed £30m.
"The only way it works is through the underwriting, but we expect Paul Smith [UK underwriting managing director] to achieve this.
"Our overall expectation is to get a 15 point return on underwriting profit based on the historic performance of UKI," Bibby said.
UK Underwriting's third party business comprises a variety of specialist schemes involving high volume, low average cost per claim insurance including travel, warranty, creditor and specialist household.
Primary acquired the business from Direct Line Group after it decided that this type of specialist business did not fit into the group's strategy.
Bibby though said that Primary Group's strategy would be to carry on the acquisition trail.
"The one thing that was attractive about this business is that Smith always gets his premium," he added.
