A group of former Alexander Forbes directors has set up a professional indemnity brokerage for IFAs.
Prime Professions has been servicing the legal, accounting, construction and insurance professions for a year and is about to target financial services intermediaries.
The firm says it is launching to the IFA community on November 1 to coincide with the renewal date for most IFA contracts.
Prime says it will offer an indication of PI renewal terms without the need to complete a proposal form.
The firm has been added to the panel of brokers for insurance company Chubb.
Prime says it is the biggest threat in the market to rival companies PYV, NCG and First City’s non-network IFA business.
Managing director Duncan Philpott says: “We want to get back to talking to clients and moving away from the old-style values. People’s changing attitudes and a softer market bring the opportunity to make a difference.”
But PYV chief executive Neil Pointon says: “I would have thought that a new underwriter would have brought more value than a new broker. If I was an IFA, I would be very wary of a new firm without a proven book of business.”