IFA cover from PI Direct.

PI Direct and has launched Magian Mutual, to provide professional
indemnity cover for independent financial advisers. The move follows the
acquisition of IFA PI provider Magian Underwriting Agency. PI Direct will
fund the mutual to offer cover for the existing Magian book and to take on
new IFA business. It will provide fully compliant cover, with limits up to
£3m and is aiming to underwrite premium income of £5m in its first year.

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