Brisbane-based specialist professional indemnity broker PI Direct has been sold to senior executives of an unrelated UK company, PI Direct Holdings.

One of the top three largest specialty professional indemnity brokers in Australia, PI Direct has been operating for eight years and places about $30 million of premium into facilities with several Australian and London market insurers.

Founder and CEO Michael Wood – who set the UK operation up seven years ago – and Chairman Andrew Wallas head the group of investors. The UK PI Direct Group is the largest specialist professional indemnity underwriting agency in the UK. Its London office employs more than 100 people and generates premium income equivalent to $120 million.