Hiscox capacity for PI Direct

Hiscox Insurance is now providing 100% capacity for PI Direct’s general professional indemnity business in place of SVB. The deal gives PI Direct the capacity to expand its book of small and medium sized enterprises (SMEs) in the traditional professions, thanks to Hiscox’s SME-focused rating structure. The deal will involve the equivalent of about £8m gross premium income in the first year. PI Direct’s existing book of solicitors business (around £10m gross premium) will remain with Alea London.