Prime launches specialist professional indemnity arm for IFAs

Professional indemnity insurance provider Prime has recently announced its intentions to launch a new arm with the focus of providing for  independent financial advisers and their particular insurance cover needs.

The new division, which will be known as Prime IFA Solutions will be tasked with providing risk management advisory responsibilities for IFAs in addition to providing them specialised business liability insurance, claiming it will develop the ability to secure both exclusive offers and preferential rates for IFAs from insurers.

The newly appointed head of Prime’s IFA division, Jamie Newell, joins the insurance broker from his previous role of managing director and founder of NCG Professional Risks. Mr Newell has specialised in public liability insurance, officers and directors liability insurance, and also ancillary coverages as well.

An additional new member slated to join the new team of Prime IFA  is Andrew Paterson, who possesses over two and a half decades of insurance industry experience.  Mr Paterson both ran and owned broker firm PI Connect, specialising in business insurance for accountants.  Mr Paterson sold his firm to Hiscox two years ago.

Tim Smyth, chief executive of Prime, commented on the new announcement, stating that the insurance broker wished to express delight in regards to the formation of the new IFA Solutions division of its firm.  Mr Smyth also stated that while Prime currently works with a large number of IFAs, the broker believed that it was the perfect time to create a dedicated division to the unique needs of the IFA market given the massive shakeup in the financial sectors worldwide over the past few years.

Mr Smyth also stated that Prime was quite pleased to announce the arrival of both Mr Newell and Mr Paterson, stating that the Prime IFA Solutions division would undoubtedly be successful with both gentlemen acting as integral team members.

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