Royal & SunAlliance (R&SA) is to be the sole provider of capacity for Saturn's £18m PI portfolio from 1 March 2006.
Saturn, part of the Martello Group which also includes PI
Direct, PI Brokerlink and Magian Underwriting, is a specialist professional indemnity underwriting agency for the SME market.
Since 2003, Saturn's capacity has been provided 100% by Hiscox Insurance (Hiscox) but the Martello Group decided to review its capacity on its general PI portfolio, spread between its London office and the Saturn office in Chesham.
The RSA link relates to the Chesham account.
Hiscox will remain the capacity provider for the balance of the Martello Group's general PI book (excluding solicitors and IFAs).
Michael Wood, chief executive of Martello, said: “It has been a big decision to move from having only the one insurer on our large general PI portfolio and we are very grateful for the support we have enjoyed from Hiscox on the Saturn book over the last three years, alongside the London
book.
"We are delighted to now have R&SA on board. We believe that we are well placed to not only maintain our considerable market share but also to utilise R&SA's capacity to expand our SME account amongst Saturn's regional
brokers.”
Nigel Salisbury, director of professional and financial risks at R&SA, said: "The partnership with Saturn will significantly increase our business from the regional/SME professional indemnity market.
"There is an excellent cultural fit between Saturn and R&SA and I am confident that our combined business expertise will bring considerable benefit to customers and brokers within this target market, and deliver strong growth and profitability to both Saturn and R&SA."
