PII renewal: new market entrants
Released on:
28/08/2009
The Law Society is anxious to alert all members to recent developments in the professional indemnity insurance (PII) market.
In the past five days, two new market entrants have been confirmed as qualifying insurers for solicitors PII – one targeting the smaller end of the market. They are insurance giant XL and international insurance company Hannover Re.
The Law Society recognised the importance of having more qualifying insurers in the market in the current climate. In view of the pending renewal date the Society expedited the impending entrance to the market of XL, a qualifying insurer targeting the small end of the market. To this end the Law Society made representations to the Solicitors Regulation Authority (SRA) who acted swiftly to formally confirm and communicate XL's status as a qualifying insurer.
XL Insurance have confirmed they will be writing from sole practitioners and above with Aon operating as their broker for smaller firms.
Meanwhile Hannover, who have previously been providing excess layer cover, has announced it will extend its services to provide 'compulsory cover' to four partner firms and above, operating through sole broker Lockton. Both insurers are accepting proposal forms now.
Law Society chief executive Desmond Hudson said:
'Last year some small firms saw the market harden against them. I am delighted that another insurer has decided to enter the PII market for small firms. Any increase in the supplier base can only improve the prospect for securing cover on more reasonable terms.'
More support on PII: www.lawsociety.org.uk/professionalindemnity
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