Vizion Insurance Brokers, launched today by former Bluefin chairman Chris Blackham and ex Chubb high net worth lead John Sims, is offering a new model for entrepreneurial brokers to set up on their own.
The executive team, which includes Trevor Davies, partner at Kennedys, and former rugby player Jeremy Guscott, is targeting brokers who have found themselves being asked to "do more for less" since a wave of broker consolidation.
Under Vizion's model, brokers would sign up to the platform for a minimum of three years and retain the control of their business, but hand some of the equity to Vizion.
The team declined to detail a typical equity split, stressing that each partnership would be drawn up on an individual basis.
By joining Vizion, brokers will become part of a regulated platform with back office assistance, a financial loan to see them through their restrictive covenant period, and genuine ownership and direction of their business, the team explained.
"No sensible person would set up a brokerage on their own today without a large amount of capital," said Sims. "There's also a long, complex list to get through to get FCA-approved."
Guscott said that the process is so onerous that on becoming an approved person he was as happy as when he was awarded his first cap for the British Lions.
Sims was keen to stress that not all applications would be accepted, and that some brokers had already been turned away for not having a strong enough track record or a sufficiently solid business plan.
When asked if the venture could accurately be described as an incubator for start-ups, the team shied away from the description.
"We've been asked if we're an incubator or a nursery, but the truth is it's more of a partnership," explained Blackham. Davies added: "Vizion's structured as an LLP, with the option for the members to set up their own LLP at some later stage if they want. It's genuinely more of a partnership than an incubator."
Three brokers have signed up as initial partners: George Seatter, a high net worth specialist, Russell Sessions, a financial lines specialist, and ultra-high net worth expert Jonathan Topple.
While the trio are from the general insurance space, there is scope for brokers from the London market to join the platform too, the team said.
Vizion is also looking to hire more back office staff in the coming weeks.