R&SA reveals £240m GWP target
Royal & SunAlliance’s (R&SA) professional and financial risk division, ProFin, has revealed a target of £240m GWP by the end of next year – a 20% rise from its current level.
The bulk of this growth is expected to come from the professional indemnity (PI) market.
ProFin will launch a PI product tailored for SMEs in July, as part of R&SA’s renewed assault on the SME market, as reported last week (News, 24 May).
ProFin director Aaron Devitt said: “The PI market has huge capacity. Pursuing growth in this sector fits in neatly with our focus to underwrite only for profit.”
R&SA acquired PI and SME underwriting specialist, Martello, for £38.5m in November last year.
“It is about recognising the dynamic in the SME market,” said John Woodman, trading director for R&SA. “Our business is getting increasingly bundled together. We must continue to develop specialised forms of cover.”
ProFin’s PI book is claimed to be the largest outside the Lloyd’s market, and accounts for two thirds of its total business.