The new operation is on the verge of signing a lease for new premises near London Bridge, which Ritchie says demonstrates its desire and commitment to being a standalone insurer at arms length from Munich Re.
Ritchie says when the new provider does launch will take the novel approach of signing up introducer agreements before issuing quotes, in a bid to be able to manage business volumes to manageable levels.
Ritchie says development is still in the very early stages and could not confirm product areas or a launch date at this time.
Currently operating under the working title of Group Risk Services Limited, the new business will be given a completely new brand name in due course.
Ritchie says: “I am sure advises will welcome strong providers with strong capacity. We are determined to have good processes that will focus on the productivity of distributors. Adviser productivity is the issue going forward.”
Productivity key differentiator for new Munich Re group risk arm
