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HAMILTON, Bermuda Bermuda-based reinsurance company Endurance Specialty Holdings Ltd. has formed an alliance with a group of U.K. brokers in a bid to expand its retail business.
Jon Houghton, head of UK individual risk property insurance at Endurance, said the idea behind the network is to develop business regionally, through these relationships from the company's London base.
Mr. Houghton said that the network is very much not a club, but rather a series of relationships where a fit has been found between both sides' business model and aspirations.
These relationships were formed through Endurance approaching brokers which it had identified on a regional basis.
Among others, Endurance will be working with Alec Finch Group Ltd, Bridge Insurance Brokers Ltd., Griffiths & Armour, Jelf Group P.L.C., Miller Insurance Services Ltd., The Oval Group, Oxygen Insurance Brokers and Perkins Slade Ltd.
Houghton said that using this regional network would give Endurance, "a wider distribution and would grow the book of business. We've got a good business in London, but we want a good business in the regions too."
Chris Brady, head of broking at Oxygen and based in Leeds, England, said: "From our clients' perspective, Endurance ticks all the right boxes. It offers security, a valued added proposition, and a risk-focused approach to the writing business."
David Wheatley, divisional director at Oval Insurance Broking and based in Birmingham, England, said that Endurance was offering its chosen partners a good team, a competitive price, and a simple, focused concept.
In terms of the target client, Mr. Houghton said that Endurance was looking to do business with, "mid-large corporations with a risk management culture, across all segments of the industry where there is the potential to buy commercial property."
At the moment, there are no plans to extend this regional model into Europe. "While we do underwrite in Europe, we are focusing on getting the UK business up and running," he said.