Ascend Insurance Holdings has secured authorisation from the Financial Conduct Authority and has private equity backing of up to £200m to build a regional broking platform. Private equity firm Inflexion acquired Ascend Broking Group in January and the Essex-based broker says it has since had preliminary discussions with around 10 broker firms about joining its new platform.

Matthew Collins, chief executive at Ascend Insurance Holdings, said: "We want to be the broker’s broker and our purpose is to create a home in which a community of brokers can thrive.

“At the heart of our purpose is a belief that culture is the ultimate performance driver. Motivated brokers result in loyal clients, a sustainable business and an enduring legacy. By joining us, we want our brokers to become a culture-maker, not a culture-taker.”

Ascend Insurance Holdings will provide shared services such as IT, finance, compliance and internal audit. It says its plan is to create commercial regional hubs to lead local operations and to develop various specialties within its regions.