As reported in Insurance Times today a new liability insurer is being launched - this has now been confirmed and named as PRI Group plc.
The group announced that it is planning to seek admission to the Alternative Investment Market of the London Stock Exchange by way of a Placing, with plans to raise in the region of £130m.
The insurer will write covers including directors and officers' (D&O), professional indemnity, warranty and indemnity and general liability insurance.
Ex-Markel star Andreas Loucaides will be chief executive of the new venture, while Reg Brown will take a non-executive role.
The former lead underwriter of XL Syndicate 990, Peter Matson, will become chief underwriting director.
Loucaides commented today: "We intend to become one of the leading insurers in the professional liability sector of the UK insurance industry by pursuing a closely focused underwriting strategy."
He added: "We want to build real value into our relationships with brokers by delivering high quality products in a cost-effective manner. Our disciplined approach, coupled with extensive technical expertise, will help us to deliver a highly effective insurance product to our client base."
