Willis has launched a new professional indemnity solution called ProXS and backed by CCY40m capacity coming from competing panels from both Lloyd’s and the company markets. Willis said pre-agreed discount premiums would help ensure insureds got the best market price for their risk. The solution has a streamlined mid-term adjustment process and offers policy terms of up to 18 months.

Gary Caley, head of PI for GB FINEX at Willis, said: “We pride ourselves on understanding the challenges faced by professional firms in a rapidly changing business environment. Helping our clients to meet those challenges and to protect and enable their business is the genesis of ProXS and the insurers we are working with share this same commitment.

Jeremy Wall, global head of FINEX at Willis, said: “I am delighted with this latest innovation which will allow us to provide even better protection and choice. ProXS is already providing an enhanced level of certainty to a wide range of our clients and we are confident that it will benefit many other firms in the future.”