United Kingdom-based Magian Mutual Insurance Company said it isclosed to new business as of Dec. 31.

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The mutual insurer was established by PI Direct in 2003 toprovide professional indemnity capacity.

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Magian Underwriting (MU) managers will underwrite currentmembers and new insureds through a new underwriting agency, backedby Heritage, the Lloyd's Syndicate, the company said.

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Magian Mutual was closed by the board and the managers tomaximize profits available to the members. Magian said theunderwriting results were “encouraging.”

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Magian said the tail of outstanding liability has been reinsuredwith Everest Re, on terms that save much of the costs normallyassociated with closure and “which provide members with a highlevel of security.”

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Magian Underwriting will be writing from Jan. 1, offeringcoverage up to ?3 million ($5.7 million at the current exchangerate) indemnity limit per risk. The company said it would continueto insure quality risks, with high compliance standards. Theexisting underwriting team and the claims management team, throughCollegiate Management Services, will continue.

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Magian said it will quote only through three or four specialistbrokers that meet certain service standards set by Magian and havethe requisite specialist knowledge of the financial servicesindustry.

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