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BrokersLink network to convert to for-profit brokerage status

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Independent insurance broker network BrokersLink plans to convert to a for-profit broking company from its current nonprofit association status in order to expand business activities, the group said during its annual general meeting in Singapore.

The new company will be based in Switzerland, and the closure of the current U.K.-based association is slated for early 2014, the group said Thursday in a statement.

Initial capital for the new organization will be provided by MDS Holdings, Porto, Portugal; Crystal & Co., New York; Filhet-Allard S.A., Paris; Nova Insurance Services L.L.C., Pittsburgh; and Cooper Gay Swett & Crawford Ltd., London.

For-profit status will allow the new company to centralize management, marketing and branding, according to the statement. A new company logo and website were launched at the BrokersLink conference in Singapore, where the announcement was made.

“While we have grown to 70 members in almost 100 countries working from 300 offices globally and managing premium volumes in excess of $14 billion without direct investment, the ability to attract capital and generate our own revenue will help us to drive growth in existing markets and enter new ones much faster,” said José Fonseca, chairman of BrokersLink, in the statement.