Two of the founders of the UK general insurer Churchill are set to return to the industry with their own underwriting proposition later this year, according to a UK newspaper report.

The Financial Times says that John O’Roarke and Peter Horton, two of the main figures behind Churchill, are financing a venture that will offer motor, home and SME insurance through the direct (including internet), corporate partnership, phone and broker distribution channels.

Events over the last 20 years have shown how open the UK general insurance market is to innovators who can exploit technology to operate at lower cost, Mr O’Roarke told the newspaper.

Customer loyalty is never high in the car insurance market and customers are always looking for a good deal.