UK general insurer LV= has revealed plans for the launch of its new business unit, ABC Insurance, in the broker market in June 2007, with a new corporate brand.
The new arm will begin to underwrite both personal and commercial insurance for small to medium sized enterprises exclusively through brokers. The business will initially employ up to 30 people at its new headquarters in Croydon.
Initially, ABC Insurance will launch a business insurance product in June 2007, followed by a private car product later in the year.
LV= has also revealed the ambitious targets of the new business, with aims of writing GBP300 million of premium income over the next four years.
ABC’s management team have a strong track record within the broker market; said Phil Bunker, head of ABC Insurance. Backed by the financial strength of the UK’s largest friendly society, they are part of plans to transform itself into a major force in the UK insurance market. With no shareholders LV= can put the needs of its customers first, combining the values of a mutual with the performance of a PLC.