IFA group aims for £15m insurance business by end of 2006

Tenet Group has unveiled plans to broaden its product portfolio to encourage more mortgage brokers to move into general insurance.

Group chief executive Simon Hudson said the expansion of Tenet's Lifetime Insurance Mortgage Experts (Lime) network to include general insurance business had proven "successful".

It aims to generate up to £15m annual premium income from insurance business by the end of 2006, up £10m on the 2005 year end, he said.

"As we broaden the spectrum of our portfolio we will see more IFAs moving into the general insurance industry," Hudson predicted.

He added that Tenet would have 2,000 mortgage brokers selling insurance by the end of the year.

Sitting alongside a home cover product will be access to a new private medical panel due to be launched this month.

The company also aims to grow a strong private motor book. Tenet said that if one of its member firms sold 400 motor policies a month it would create profitable business.

There are also plans to push the growth of a buildings cover product.

Hudson said: "Our biggest professional indemnity exposure is created because advisers haven't told their clients about the insurance options open to them.

"We want to make sure our members are giving the right advice."