Lloyd's start-up Oxygen Insurance Brokers hopes to secure three broking teams in the first 12 months, the company said.

Oxygen is the new insurance broking business to be launched by former Faraday chief executive Nigel Barton and John Benjamin, former managing director of Xchanging Ins-Sure Services.

Oxygen is actively seeking funding and recruiting teams of brokers.

Accountancy firm Mazars is advising Oxygen.

The company said it would broke international specialist lines in the London market.

It is understood this could include placing risks such as cover for yachts, employers' liability and professional indemnity.

As part of Oxygen's business plan, broking teams will own stock in their respective Oxygen subsidiary.

The company will also take advantage of the "efficiencies through outsourcing and taking full advantage of the electronic trading environment", it said.