Direct Insurance builds PI & financial lines practice with ex-Willis hire

Lloyd's broker Direct Insurance London Market, part of Direct Insurance Group, has launched a new professional indemnity (PI) and financial lines division to be led by Mike Newson.

Newson has been involved in broking and handling all aspects of binders and schemes for PI and various other financial lines within the London Market for the last 30 years. For 23 years he was at Willis, rising to executive director before joining AJ Gallagher as a divisional director. Most latterly, he joins from SSL Endeavour where he was head of PI.

David Bearman, chief executive officer for Direct Insurance Group, said: "We are thrilled to launch our new specialist PI & Financial Lines Division and that we have secured Mike to lead the team. Mike is very well known in the market and I’m delighted to have him on board. His experience is across the full spectrum of client service, dealing with the insured, the regional or sub broker – handling the business from cradle to grave. His expertise will help us to establish Direct Insurance London Market as a lead wholesale broker in PI alongside our existing lines. His extensive market knowledge of PI as well as D&O, Cyber and other specialist products will be of immense benefit to our brokers and their customers, particularly in the current market environment. We hope to recruit further talent to the PI Division in the next few months.”

Newson, PI and financial lines manager, commented: “Over the past 20 plus years Direct Insurance has established a strong reputation for its expertise in various specialist facilities including Asbestos, Waste, Property and High Risk Construction to mention a few. It has had a modest book of PI and Financial Lines to date but there has been increasing demand from the market for Direct to develop its own specialist capabilities and delegated authority in these areas. The Professional Indemnity market has great scope for growth and in a hard market is an area that will benefit greatly from a specialist wholesale service. I’m very much looking forward to establishing the Division and maximising its potential within the Group.”