PI Direct(PID) has merged with Saturn Professional Risks to create a specialist professional indemnity (PI) underwriting agency with a combined gross written premium of £55m.
Under the terms of the deal, a new holding company - jointly owned by the management of PID and Saturn as well as investors Penta Capital - has been created.
PID and Saturn will continue to operate independently. The two companies will service around 15,000 PI policyholders.
PID Chief Executive Michael Wood said: "The combination of our two companies provides improved benefits to both brokers and SME professional indemnity buyers."
"The Saturn business will continue to be run as a separate operation in Chesham, but with the benefit of PID's unique claims service model and the new products we can offer the Saturn brokers, such as our solicitors and IFA capacity."
Saturn director Mike Cant said: "We have a great deal of respect for PID's claims handling model and believe this will be of significant benefit to our brokers and insureds."
"Our brokers will also be able to access PID's underwriting experience with solicitors and IFAs."
