Wholesale broker Dickson Manchester Underwriting (DM) has won the right to offer professional indemnity renewals to ex-Norwich Union brokers who do not have agencies with The St Paul.
The news follows St Paul's purchase of the Norwich Union book earlier this year for an undisclosed sum.
It is believed that DM will offer renewal terms to around 350 brokers - around half the total number of brokers who held PI agencies with Norwich Union. There could be as many as 800 policyholders.
DM marketing director Mike Dickson said: "This is a significant event for us. DM is best placed to assist those brokers who have business with Norwich Union but cannot access St Paul."
DM will initially offer St Paul's PI polices, but if the sub-broker is unhappy with the terms, then DM will "seek alternative cover".
Sales and marketing manager Andy Macpherson said: "Where brokers do not have agencies, we will create them, but we think most will already have agencies."
DM, a directors and officers and PI provider, believes most business will be small-to-medium sized firms.
Macpherson added: "While a number of these brokers that don't have St Paul's agencies will be frustrated, at the same time, this will allow them to meet a new insurer through our underwriting services."
DM associate director Jeremy Mortimer said: "We already know many of the brokers and will enjoy doing business with many more."
DM also possesses binding authorities with around 12 insurers and underwriters.
DM will start offering renewals from January 1, 2000. DM has paid nothing for the right to offer renewals and is not committing any of its own underwriting capacity.
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