City Insurance Brokers and Compass launch profit insurance scheme

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City Insurance Brokers and Compass Underwriting have teamed up on Profit Commission Coverholder Protection (PCCP).

According to the partners it is believed to be one of the first catastrophe profit protection schemes ever launched.

The cover, backed by A-rated carriers, is aimed at brokers with delegated binding authorities and managing general agents (MGAs).

The pair detailed that the scheme insures coverholders’ profit commissions against being reduced by a single large loss, up to a

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