29.09.04 - London, 4th October 2004 – Oxygen, a new insurance intermediary company, established to exploit opportunities emerging from market reform, launches today with a high profile line-up of senior insurance market figures and backers including Ron Sandler and Sian Fisher.

Oxygen has deliberately aligned the delivery of superior client service with the remuneration of employees. In what the company sees as an important feature each team will receive an equity stake in the business. As an intermediary, Oxygen will operate both agency and broking activities in the London market. Sian Fisher, formerly Managing Director of Hiscox Insurance Company,  is actively developing the UK Specialist Agency business as part of her role as Head of Agency Operations.

Launching the business, Nigel Barton, Chief Executive Officer of Oxygen said: “We have created a business that attracts entrepreneurial and high-achieving staff who are prepared to challenge the ways things have been done in the past. We are negotiating with further broking and agency teams and expect the long-term mix of our business to reflect a balance between the two.”

Oxygen’s Non-Executive Chairman, Ron Sandler, a previous Chief Executive of Lloyd’s of London said: “The vitality of the London insurance market rests upon its well-proven ability to spawn innovative, entrepreneurial new businesses. Oxygen, which combines real improvements in process efficiency for clients with the delivery of equity reward opportunities for its broking teams, is a classic example of this. I am delighted to be associated with Oxygen, both as Non-Executive Chairman and as an investor.”

John Benjamin, the company’s Chief Operating Officer said: “Oxygen has been designed to operate with highly transparent business processes. This will not only enable our teams to thrive, but also means we can easily measure our performance. We aim to produce clear service and efficiency targets and publish the data to show that we are achieving them.”

The company’s non-executive directors include senior figures from the broking industry such as Robert Alford, formerly Group Managing Director of Nelson Hurst, and Michael Kier, formerly Chairman of C E Heath.

Other members of the Oxygen management team include Joe Knoblauch, formerly Chief Finance Officer of Xchanging Ins-Sure Services, who has been appointed Chief Finance Officer, and Richard Trebble, formerly Chief Information Officer (CIO) for The Rubicon Corporation, who has been appointed Oxygen’s CIO.

Financial backing for Oxygen comes from its board and a number of investors in the UK and US. Investors include Sir Laurie Magnus, (Vice Chairman of Lexicon Partners) and Taracay Investors, a private US investment fund managed by Bob Clements and in which he has a small investment stake. 
Nigel Barton added "The board and our investors include experienced insurance market professionals. Their enthusiasm for the business environment we are creating sends a strong signal to prospective clients and employees that the business is built upon strong foundations."

For further information:
Nigel Barton, Chief Executive Officer, Oxygen or John Benjamin, Chief Operating Officer, Oxygen on Tel: 020 7153 1079

Alex Wise, Loud&Clear Public Relations on
Tel: 020 7877 0430 or 07710 665 615

Notes to editors:
Oxygen Insurance Brokers Ltd and Oxygen Insurance Managers Ltd are subsidiaries of Oxygen Holdings plc.
Oxygen’s management team and Board are:
Nigel Barton, Chief Executive Officer
John Benjamin, Chief Operating Officer
Joe Knoblauch, Chief Finance Officer
Sian Fisher, Head of Agency Operations
Richard Trebble, Chief Information Officer

Non- Executive members:
Ron Sandler, Chairman
Michael Kier, Non-Executive Director
Robert Alford, Non-Executive Director