Former Bankhall joint chief executive Simon Taylor is returning to the industry in a move that sees him strike a deal with his former firm.
Taylor is setting up UInsure, which will provide general insurance support services for the mortgage market, with an exclusive distribution deal with Bankhall.
Terms are being negotia-ted with four major insurers to set up a panel for building and contents insurance.
An accident, sickness and unemployment product will be available in around six to eight weeks but it is not confirmed whether this will be a panel or a single tie.
Taylor says that he picked Bankhall’s Premier Mortgage Service as it is the biggest mortgage broker force in the country with 8,000 registered and 3,000 active users.
Bankhall previously had an arrangement with Paymentshield but has not had a link since then. It will recommend UInsure and preferential rates will be negotiated but PMS members will have the option to use the whole of market.
Taylor says: “There is a lot of money to be earned since regulation came into the frame. We will be bringing the right products for clients and the brokers, the right insurers and the right financial terms.”
Bankhall chief executive Peter Mann says: “We have been agnostic for some time since the Paymentshield arrangement ended. Brokers can still choose who they want to deal with but we do not foresee a huge shift from the insurers that many of them are using anyway.”