Magian Mutual set to hit £15m premium target

After only three months of trading Magian Mutual, the professional indemnity provider for IFAs, is on course to meet its first-year target of £15m of premium income after receiving 128 orders and 860 enquiries to date.

Michael Wood, chief executive of PI Direct - the company which, through its trading name of Magian Underwriting, is manager of the mutual, which has own board of directors, said: "The whole process is very selective as we are using the criteria that Magian has used in the past.