Brightside’s SRICL secures new capacity from international re-insurer

Brightside Group’s Southern Rock Insurance Company (SRICL) has secured a new capacity from an international undisclosed re-insurer.

The new agreement will facilitate up to £100m additional insurance capacity to SRICL that will allow expansion of eCars business in 2012.

According to the directors, the agreement will also reflect the underwriting performance of the eCar insurance brand for SRICL.

Motor insurance premiums have increased by over 40% in the last18 months.

Brightside CEO Arron Banks said the deal enables them to reap the investment benefits that they have made in the market during 2012.