Cobra is in discussions with three leading insurers over who will supply capacity to its managing agency venture.
The managing agent is aiming to write £30m of premiums for the first year of full trading. It is set to roll out an SME pilot scheme in the first quarter of 2007.
Although Cobra piloted the scheme with AXA, it is believed that Norwich Union and Royal & SunAlliance are also in the running to provide the capacity.
Other insurers on the panel for the SME venture are Allianz Cornhill and NIG.
Cobra's commercial combined cover is underwritten by St Paul Travelers.
Cobra is also looking to triple the managing agent's staff base to more than 25.
However, chief executive Steve Burrows warned that further development could stall if the broker failed to source adequate technology solutions.
He added that he was pleased with what Acturis had to offer, but a final decision was yet to be made.
