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Tenet sets up indemnity firm

Tenet has set up a new professional indemnity insurance company for its 5,500 adviser firms.

Paragon Insurance Company was recently approved by the FSA and the group says it is looking at widening the offering to the whole of market in the future.

Tenet group distribution and development director Keith Richards says Paragon will cover all areas of business at a time when PI could harden for adviser firms. He says: “We will start by offering this to our network of adviser firms as we can get a better understanding of them because they can sit under the Tenet umbrella.

“We can also offer more premium rates and with no exclusions offer more certainty to firms. It offers a unique selling point at a time when businesses are being pushed by the likes of rising capital adequacy rates and the need to have more qualifications.”

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