Professional indemnity (PI)
Verdict still to be reached on AIG professional indemnity case
A professional indemnity case between AIG Europe and private investors opened proceedings today.
Pricing under pressure in warranty and indemnity as new entrants target market
With 2015 the biggest ever year for mergers and acquisitions globally, demand for warranty and indemnity insurance is rising rapidly.
Solicitors' PI: Uncertainty ahead
Most law firms will seek renewal of their professional indemnity insurance this autumn, although an estimated one-third will renew their PII away from 1 October. The announcement that unrated insurer Enterprise has stopped writing new business leaves the…
Hiscox pledges to pay out in full on fair representation of risk cases under Insurance Act
Hiscox Insurance Company has made a pledge to pay claims in full to claimants that neither deliberately nor recklessly fail to make a fair representation of a risk under Insurance Act 2015.
Innovation lessons insurers can take from lawyers
Insurers and lawyers don’t have a reputation of tech-savvy trailblazers. Yet some of them have adopted new technologies, including artificial intelligence. So, what works and what doesn’t?
Over a third of firms rate service as most important factor when buying PI insurance
Over a third of professional firms rate service as the most important factor in selecting professional indemnity insurance, a survey from Brunel Professional Risks has found.
Antares launches treaty casualty and appoints Everest's Jarman to head offering
Antares has launched its casualty treaty offering with the appointment of Neil Jarman as casualty treaty officer.
Towergate raids Dual for regional head Joyce to run new 'go to' specialty unit
Towergate Underwriting has recruited Dual Corporate Risks' regional boss Martin Joyce to lead a newly formed specialty business.
Digital start-ups: Ready to launch
With a new start-up being founded every minute in the UK, the insurance industry has to meet the needs of this new breed of client.
Solicitors' PI: Unrated insurers – is it the long goodbye?
They may be dwindling in number, but no one knows if the end of unrated insurers in the solicitors' professional indemnity market is near
Stackhouse Poland acquires specialist PI broker for undisclosed sum
Stackhouse Poland has completed the acquisition of specialist professional indemnity broker Chris Frost Insurance Services as it looks to grow both organically and through acquiring ‘like-minded’ firms.
Legal Update: Take care over CFA transfers
Transferring a PI claim to another law firm could be bad news for the claimant as this recent case shows, but also, most welcome for insurers, argue Joanne Staphnill and Abigail Taylor
Century Underwriting launches professions division
Managing general agent Century Underwriting has launched a professional indemnity and directors' and officers' service in partnership with insurer Arch.
SRA consults on minimum terms changes to PII policies
The Solicitors Regulation Authority is consulting on technical changes to the minimum terms and conditions that need to be included in professional indemnity insurance policies.
Blog: Enterprise Bill may drive PI for insurers
Other professional services providers take out professional indemnity cover but should insurers now be looking for similar protection?
Biba expands PI panel for members
The British Insurance Brokers' Association has expanded its panel for members' own professional indemnity cover with MGB Insurance Brokers, Griffiths and Armour and Lockton on the board.
Elite to stop writing solicitors' PII as falling rates take a toll
Unrated carrier Elite Insurance is withdrawing from the English and Welsh solicitors’ professional indemnity insurance market.
Hefty FCA fines highlight importance of delegated authority chain controls
The £15.5m of fines handed to individuals and firms involved in the collapse of several unrated insurers operating in the solicitors' professional indemnity market have highlighted the need for all parties involved in the delegated authority chain to…
Milburn CEO McIntosh banned by PRA after failed PI insurer fined £2.86m
The Prudential Regulation Authority has today imposed a £25,173 fine on Colin McIntosh, CEO of Millburn Insurance and has banned him from holding any controlled functions at any PRA-authorised firm.
FCA issues £15.5m in fines to fill hole caused by Eric, Balva and Millburn failures
The Financial Conduct Authority has fined five individuals and two firms a total of £15.5m for their part in a market failure that left hundreds of solictors without valid cover.
Barbican Insurance group merges capabilities into single brand
Barbican Insurance Group has launched Barbican Protect, which brings together the underwriting expertise and service capabilities of Barbican Underwriting Limited, PI Protect and Barbican Channel Islands into a single brand.
PI and D&O targeted as cybercrime exposures continue to grow for insurers
Cybercrime claims are having an impact on an increasing number of business areas, with market commentators citing professional indemnity and directors' and officers' as two markets that are becoming more vulnerable to the impact of cyber-attacks.
Kennedys expands in Scandinavia with merger and associations
Law firm Kennedys is expanding its international reach in Europe through agreements with three Scandinavian firms, which come into effect from 1 January 2016.
Unrated German firm Berliner in default
The Financial Services Compensation Scheme is discussing the failure of German insurer Berliner with its liquidator after it was declared to be in default on 28 August 2015.