News - Layton Blackham bids to prove independence.

(From Post Magazine)

Layton Blackham is actively looking at insurers - other than its new owner Axa - for new scheme arrangements in a bid to prove its independence.

The move comes as a contrast to Equity's new owner Insurance Australia Group, which in unveiling its mid-year results, this week admitted it was looking to increase its stake of the business that passes through its owned brokers.

Chris Blackham, chief executive of Layton Blackham, said: "We do not expect Axa to take the lead on any new solus arrangements we are reviewing. In addition we do not envisage Axa taking the lead on any new (underwriting subsidiary) Elite co-insurance arrangements."

He added: "We have to justify in the strongest possible terms why we are using our shareholder to avoid being in contravention of (The Financial Services Authority's) Treating Customers Fairly rules. Axa is interested in our future profitability and we are not driven or incentivised in any way by placing business with Axa. In fact, if anything the opposite is true. Our primary goal is to ensure we treat customers fairly."

Mr Blackham added: "We have historically placed our volume household business with Axa and will continue to do so."

According to IAG's half year statement to 31st December 2006: "A key part of Equity's strategy is to continue to ...