Broker in insurer talks over funding
POST MAGAZINE - 22ND FEBRUARY 2007
Specialist payment protection broker British Insurance is in discussions with several insurance companies as it looks for a third-party investment to grow the business.
Co-founder and managing director Simon Burgess, who ruled out a full trade sale, commented: "What we want to do is to expand with another partner. The market is growing so fast, with vast opportunities, but we are still a small firm. We are looking for a strategic partnership to bring new services to our clients."
Mr Burgess, who declined to name the interested insurers, said: "We operate from the internet, so we know what to do to acquire the client from that medium. However, we need to know what to do after the client is acquired. A strategic partner would benefit this."
Mr Burgess added: "The payment protection insurance market has been referred to the competition commission. However, British Insurance has an excellent reputation in a market that is dysfunctional and that works to the detriment of customers."
