Pi Direct, professional indemnity underwriters has launched a new trading name – PI Brokerlink, specifically for broker-introduced business.
Despite its name, half the company's annual turnover of £10m is now generated through its broker channel.
The company was established three and half years ago, underwriting for small to medium-sized professional firms.
Chief executive Michael Wood said: “Given the extent to which our network of brokers, now numbering more than 2,000, regularly use our service, we thought it appropriate to hive off the broker-introduced side of the business from the direct.”
PI Brokerlink will be launched from March 2001 in respect of renewal and new business. Quotes will go out under the PI Brokerlink letterhead, with the security still being 100% underwritten at Lloyd's. There is no agency agreement required for PI Brokerlink.
PI Direct insures about 3,500 professional firms, covering accountants, architects, engineers, insurance brokers and intermediaries, surveyors and miscellaneous professions. It will also provide a six-year run-off policy for retired chartered surveyors and retired chartered accountants.
Cover is available up to £5m on any one claim.