Unicorn Underwriting will initially take on existing bloodstock business

Specialist insurance broker THB has announced the launch of a new division outside its core broking operation.

Unicorn Underwriting Limited has received FSA authorisation and will operate as a separate company.

Andy Hawkes, CEO of THB UK Ltd who will oversee the new operation, said: “THB’s ability to offer binding authorities and to take on underwriting authority in specialist areas has long been a key benefit to our business partners. Establishing Unicorn Underwriting is a carefully considered strategic decision which clearly differentiates this separate capability and emphasises our plans to develop further in this increasingly valued service area.

"In establishing Unicorn as a stand-alone operation within THB Group we can not only ensure complete independence of our underwriting activities but also build on the successful foundations of our bloodstock underwriting team who have transferred from our Lloyd’s broker with effect from the beginning of January 2008."

Unicorn Underwriting director, Guy Morrison, said: “Unicorn’s initial revenue stream will derive from the transfer of the Bloodstock team which has clearly demonstrated its ability to react quickly to market need, and to offer a fast, efficient and personalised service. Over the past four years we have built a significant premium base and delivered excellent underwriting results to our capacity partners.

"The business model is proven and our new identity will help us to build on our well-established client base and promote our unique skill set into other carefully targeted niche sectors.”