The launch of a new Lloyd's syndicate focusing on UK professional indemnity (PI) insurance was announced last week.

Heritage Underwriting Agency launched Syndicate 3245, to be headed by its existing PI underwriter Mark Lawrence.

Heritage said the new syndicate was backed by AA-rated security.

The announcement follows a report last month in Insurance Times that Heritage had a specialist PI syndicate in the pipeline.

The syndicate will have a capacity for 2004 of £55m when up to half will be provided by Lloyd's Names.

Fellow Heritage syndicates 1200, with underwriter Les Rock, and 1245, with underwriter Justin Tweedie, will have capacities of £120m and £40m respectively, totalling £215m compared to the group's £160m total for 2003.

PI income for 2003 is expected to be about £32m.

Heritage managing director Richard Pexton said the syndicate aimed to write risks mainly for small, one to five-partner firms with an emphasis on architects, engineers and consultancy firms, rather than solicitors and accountants.

The company also announced the resignation of chairman Walter Fiederowicz and his replacement by John Kavanaugh as a non-executive director and chairman.

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