PI Direct has announced that Hiscox will provide 100% capacity for its general professional indemnity business from March.
Hiscox will replace SVB who has provided PI Direct with its over the last six years.
Hiscox claims the deal will allow it to become the UK's leading insurer for SME professionals in Europe.
The transfer will involve the equivalent of £8m gross premium income in the first year. PI Direct's existing book of solicitors business will remain with Alea London Ltd.
Hiscox managing director Sian Fisher said: "The deal with PI Direct continues our strategic expansion in the professional insurance sector by opening up another distribution channel which directly reaches our target market."
PI Direct chief executive Michael Wood said: "While SVB's support during our first six years has helped to establish PI Direct as a leading player in the SME PI market, by teaming up with Hiscox for our second stage of growth we will ensure our unique claims handling concept makes a real change to the PI market."
