One insurance broker has entered into an agreement to purchase the core broking activity of PYV, an IFA professional indemnity insurance broker.
This acquisition on the part of business insurance broking specialists Howden Insurance Brokers means that a great many of the team from PYV – in addition to a significantly large book of business – will end up being transferred to Howden for management. Mike Lobb, Howden’s UK managing director for retail business commented on the new announcement by stating that the work PYV has done and its position as a leading professional liability insurance provider to the IFA marketplace highlights the both complimentary and natural fit with Howden’s existing business.
Mr Lobb continued, stating that the reputation of PYV for having a strong team and highly visited relationships is something Howden looks forward to building upon further.
Neil Pointon, current chief executive for PYV, will be joining Howden as a member of its retail leadership team. Mr Pointon stated that for PYV’s current clients – and indeed even the entire IFA community – the move to Howden will be an exciting one.
The move means that PYV’s clients will have a continuation of service and the same account contacts. However under Howden such benefits as an international insurance and reinsurance group will be added to current PYV customers.
Mt Pointon stated that he was looking forward to continuing to work alongside leading IFAs and industry associations in order to both improve and evolve the management and understanding of risk in the midst of an important period of change within the professional indemnity insurance market place.
Industry experts agree that the combination of PYV and Howden Insurance will lead to Howden becoming a more competitive insurance provider in the future.