The husband and wife team are understood to have got £25m through the sale of their payment protection insurance business to Towergate in January 2008.
This week’s Money Marketing reveals the new firm, to be led by Sara, could launch by October.
It is thought they would first seek to buy an existing UK life company and develop it into an international unemployment cover provider.
The couple set up Burgesses in 2003, which became British Insurance. In previous interviews with Money Marketing, Simon Burgess has said it is his ambition to buy his own insurance company and become a product manufacturer rather than a broker.
The Burgesses were both underwriters at Lloyds of London before setting up their own business.
During his 25-year career in the insurance industry, Simon Burgesss has grabbed headlines with publicity stunts such as insuring against alien invasions, Valentine’s Day impotency and virgin births.
Towergate head of communications Marc Donfrancesco says: “It is premature to talk about Simon leaving now but it was never the plan that he would stay forever.
“We are very happy with what he has been doing here. Sara Burgess is planning a new venture, which, if anything, could see them working with us rather than in competition.”
Both Simon and Sara Burgess declined to comment.