Hanover Group spawns insurance company

General manager Steve Varney says Aldersgate Insurance has been named after a street in the City of London because the name is to indicate "establishment" - it plans to be around for a long time.

"We don’t intend to be the biggest player in the market and compete against the likes of Vero, but we don’t intend to be small," Varney says.

He is currently being supported by Hanover’s back office. But as the business grows it will take on more and more of its own identity.

"We have started as a niche player targeting consumer protection business," Varney says. "After seven years experience with FAI Finance Hanover recognised there was an opportunity to tailor make a product.