New insurer not struggling for FSA approval, says Wright

The launch of a new professional indemnity (PI) insurer, headed by former Ace head of PI Stuart Wright, will take place in the third quarter of this year.

Wright denied rumours that the launch was originally set to take place on 1 July and that it had to be delayed due to problems in getting FSA authorisation.

"We have never given a date for the launch," said Wright.

"We still have a lot of work to do, as has the FSA which is working fast."

Wright confirmed that the new insurer, provisionally named WRB London, had yet to receive FSA authorisation.

Earlier this year one potential investor said: "The plan is still to launch on 1 July."

Brokers are waiting keenly for PI capacity to come on tap as premiums have risen steeply, eating up capacity at a ferocious rate.

  • Lloyd's broker Holman Insurance is set to launch a new PI scheme for its brokers with IFA arms.
  • The scheme could go live as early as the third quarter of this year.

    Holman PI divisional director Simon Wright said: "We are developing a PI scheme for our producing brokers that have an IFA arm.

    "Some of our brokers have a potential liability relating to their IFA business from years gone by."

    Wright said Holman was not currently planning to offer the scheme to brokers on the open market.