DeVere Group launches captive insurer to combat rising PI costs

IFA deVere Group has established Guernsey-based captive White Knight Limited, after securing approval from the Guernsey Financial Services Commission.

Nigel Green, deVere Group CEO and founder, said: “One of the drivers behind this move is that in recent years, particularly in the area of professional indemnity cover, the group and its subsidiaries have seen premiums climbing rapidly. This has made expense predictions for this cover somewhat difficult with some premiums doubling and trebling over the last few years.”

He added: “We, therefore, decided to take firmer control of the matter and will start to underwrite PI and selective other internal risks for its subsidiaries around the world.”

White Knight will be led by deVere chairman Peter Hobbs.

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