New unit to cater for insurance needs of financial advisers

Professional indemnity broker Prime Professions has launched Prime IFA Solutions, a new division focusing solely on the insurance needs of independent financial advisers (IFAs).

Prime IFA Solutions will provide comprehensive advice on risk management and professional indemnity insurance to clients. According to Prime, the division will be able to secure preferential rates and exclusive offers from insurers for IFAs.

Prime has hired Jamie Newell, a specialist in IFA-focused professional indemnity solutions, to head the new division. Newell joins Prime from NCG Professional Risks (NCG), where he was founder and managing director. He has been working in the Lloyd’s and London company market since 1984.

The broker has also appointed Andrew Paterson to the IFA Solutions team. He previously owned and ran PI Connect, one of the UK’s most prominent brokers for accountants’ professional indemnity insurance, which he sold to Hiscox in 2008.

“We already work with a significant number of IFAs but, given the seismic changes in the financial world in the past few years, we believe the time is right to create a division dedicated to this unique marke,” Prime CEO Tim Smyth said in a statement.