Lloyd's insurer Beazley has announced plans to underwrite into the UK professional indemnity (PI) market aimed for regional brokers.

The scheme, led by Marcus Hearn Underwriting, is to be offered to the company's network of UK brokers later this month.

Marcus Hearn director Barry Fitsimons said: "We underwent a limited launch in June to test reaction and it's been very positive.

"We operated the scheme in a limited way to ensure we could meet the needs of both the brokers and Beazley. We are now opening up the scheme to all our brokers."

The scheme is being underwritten solely by Beazley, although Fitsimons claimed it would have sufficient capacity for the scheme.

He said: "PI cover is an issue for the brokers in the regions, and we believe Beazley can offer quality capacity to our network of brokers.

"The liability market is an area where there are questions over the long-term commitment of some underwriters, but our PI product is already being welcomed as filling a need."

Topics