Underwriters set up firm offering PI for SMEs
Three former Aviva underwriters have launched a managing general agency (MGA) specialising in professional indemnity (PI) insurance for SMEs after the insurer pulled out of the sector in May.
Pinpoint Underwriting will provide PI to SME companies in fields including accountancy, architecture, engineering, insurance broking and surveying.
The new company, based in Perth, is led by Scott Ruff, a former senior underwriter with Aviva, who wrote PI policies for the company over more than 27 years. Former Aviva senior underwriter Roger Wallace and former PI fast-trade lead underwriter, make up its senior team.
Continuity for Aviva clients
Pinpoint will offer continuity underwriting to former Aviva clients and aim to match the expiring rates and wordings of any Aviva insured, subject to underwriting and no change in the risk.
Its claims management services will be delivered via a secure system by DWF Fishburns, which will also provide construction clients with a free collateral warranty service.
Pinpoint, which boasts access to “significant” capacity from A-rated insurance markets, has pledged to distribute all policies via authorised brokers.
It promises to provide exclusive PI policy wordings with many additional benefits.
Pinpoint underwriting director Scott Ruff said: “Aviva’s decision to exit the SME professional indemnity insurance market left many top-quality professional firms needing a new insurer.
“We launched Pinpoint to provide insurance brokers with continuity underwriting – brokers that worked with us at Aviva already know us well and we know many of their clients. We are also still located in Perth providing further continuity.
“We aim to match expiring rates and wordings of the Aviva policyholders. We have also launched professional indemnity products with wider benefits than we were able to offer previously.
“We are not limiting our offering to former Aviva clients and will be delighted to see enquires, regardless of the current insurer. We have ambitious growth plans and are intending to extend our service to other professions, such as independent financial advisers and solicitors as soon as possible.”
Ruff added that the company was “committed to the broking channel”, would not offer its policies directly to professional firms and would operate on a “first come first serve basis”.