Independent Insurance to be re-launched at Biba Conference 2015
Independent Insurance is to be re-launched at the 2015 British Insurance Brokers’ Association Conference in Manchester Post has learnt.
The firm, which was once worth £900m, employed 1000 staff and ranked as the ninth biggest insurer in the country, went into provisional liquidation in June 2001.
But following a wholesale study of brokers affinity with the brand, one of the UK's largest insurers has decided that there is enough goodwill with the name "Independent Insurance" to relaunch it as a commercial underwriter targeting SME and mid-corporate business, acting as a managing general agent with a well-known carrier providing capacity.
A source close to the relaunch confirmed that both the domain www.independentinsurance.co.uk and the original signage will both be used by the new iteration of Independent, adding: "Despite the well-publicised troubles, Independent Insurance is still remembered very fondly by a lot of brokers. As such one of the UK's current largest players has decided to dust off the old Kite logo and branding and re-enter the market with a new team, including one or two well-known names who have an association with the company."
Post understands that the company behind the relaunch will unveil Independent Mark II at the Biba Conference on the afternoon of Wednesday 13th May when some of the management team will be introduced to brokers, and kites will fly above the Manchester Central Conference Centre.
Aviva relaunched its General Accident brand around the 2013 Biba Conference, and AIG was reborn in the UK market when the Chartis name failed to take off despite the initial view that that the former brand was tainted by the financial crisis.
"Brokers remember the good staff, the good service and the good culture that were the hallmarks of Independent Insurance and so it is no surprise to see it coming back," the source added. "The questionable actions of a few people in the past will not discourage brokers from placing business with Independent Insurance again, if it can replicate the staff, service and culture of the original business."
Former Independent chief executive Michael Bright, pictured, and former finance director Dennis Lomas were sentenced to seven years and four years respectively at Southwark Crown Court, London, on 24 October 2007, for two counts of conspiring to defraud.
Former deputy managing director Philip Condon was handed a three-year sentence after a jury found him guilty of one charge. He passed away in June 2012 aged 63.
On March 16 this year, the UK Court ordered that Independent shall convene meetings of its scheme creditors on 1 June 2015 to consider, and if thought fit, approve the scheme of arrangement proposed to be entered into between the company and its scheme creditors.
The Financial Services Compensation Scheme has paid out over £360m to people who had insurance policies with Independent.
Additional reading
Independent Insurance - 10 years on: Burned so Bright
From pomp to prison
Independent Trial - Indie directors found guilty
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