Professional indemnity (PI)
Solicitors inaction following ARP closure blamed for lack of PI cover
153 law firms have entered 60-day cessation period after failing to get insurance
Threat of closure looms for 153 law firms ahead of final PI deadline
The Solicitors Regulation Authority has revealed 153 solicitors firms have gone into the extended policy period after failing to secure professional indemnity cover.
Lemma claims will not be met in full says liquidator
Outstanding claims against Gibraltar-based insurer Lemma could start to be paid this autumn, but there will not be enough money in the estate to pay all claimants, according to the official liquidator.
Legal Market: Joining forces
Mergers and acquisitions in legal markets show no sign of abating. But what is behind the desire to consolidate law firms, and what does it mean for the insurance industry?
Majority of law firms obtain PI cover with rated insurer
A survey of nearly 500 law firms has found 13% sought professional indemnity cover with an unrated insurer before the end of the renewal period on 1 October.
Europe: Insurance valuation processes
How does insurance valuation practice differ in territories around the world? Nigel Wilson explains.
Concerns grow for solicitors’ PI market as top brokers look to unrated carriers
At least 175 law firms enter EIP as impact of Berliner exit continues.
SRA receives 185 requests to enter EIP
A total of 185 law firms have applied to the Solicitors Regulation Authority to enter the extended indemnity period for solicitor’s professional indemnity insurance having failed to secure cover by 1 October.
Solicitors' PI: Taking a gamble
While their low prices make unrated carriers an attractive option for solicitors seeking professional indemnity insurance, are they worth the risk? And do small law firms have any alternative?
Pioneer adds to PI team
Pioneer Underwriting has recruited Paula McManus to its professional indemnity business.
Brokers confident they have professional indemnity gap covered
Many small website providers remain unaware of professional risks.
Kennedys’ grows PI team in Birmingham
Kennedys has made three new hires for its professional indemnity specialists based in Birmingham.
Post magazine – 11 September 2013
This week's issue of Post is now available to subscribers.
Solicitors face premium hike following Berliner exit
Firms forced to shop around following Berliner’s exit from the solicitors' professional indemnity market could face significantly higher premiums for replacement cover, according to Marsh.
Proposals to block broker deals with unrated insurers snubbed by the market
Reid told onus is on brokers to ensure passporting firms are 'financially sound'
Berliner exit leaves solicitors in the lurch
Solicitors seeking professional indemnity cover have been dealt another blow after German insurer Berliner warned it may be unable to take on any risks for the 1 October renewal.
Fears unrated carriers will win out as Law Society cover fails to deliver
Brokers have criticised the Law Society’s direct solicitors’ professional indemnity offering for failing to help specialist firms, with some concerned that more than 1000 legal practices could be forced to access unrated markets.
SME: On board the enterprise
The SME space is a key battleground for the future of the industry. But if SMEs can do business direct online, where does that leave brokers? By Mark Sands
Biba hits back at "ill-informed" Law Society PI comments
The British Insurance Brokers' Association today described the Law Society's recent comments on solicitors professional indemnity cover as ‘ill-informed’ and ‘self-promoting’.
XL appoints head of global professional business
XL has appointed Louise Dennerstahl, former head of the Nordics for Zurich, as head of its international professional insurance business.
Law Society slams brokers as it launches direct solicitor’s PI service
The Law Society today launched its long anticipated joint venture with broker Miller to provide professional indemnity cover for small solicitor firms.
Brokers fear Law Society MGA could prove too late for solicitors
The Law Society must launch its professional indemnity managing general agency soon or risk being too late to help solicitors ahead of this year’s October renewals, market insiders have warned.
Lockton unveils solicitor site ahead of PI renewals
Lockton has launched a specially designed website for solicitors to provide guidance and support on insurance.
Ex-Aviva PI team members launch MGA
Members of the former Aviva SME professional indemnity underwriting team today launched Pinpoint Underwriting, an MGA specialising in PI for small to medium sized businesses.