Professional indemnity (PI)
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.
Blog: Lay executors of wills unaware of liability risks
Increasingly people are being asked to take on the role of executor following the death of a friend or relative. In the past, it was common practice to name a solicitor or bank in a will as the main executor. But a Censuswide survey shows 75% of people…
Most solicitors tipped to find rated cover in ‘buoyant’ PI market
Solicitors have seen a benign professional indemnity renewal period after the turbulence of the last few years; however a recent court ruling could increase pressure to introduce an aggregation limit, according to legal specialists.
UK PI sector to reach £1.5bn GWP in 2019, Timetric predicts
The UK professional indemnity insurance sector will be worth more than £1.5bn in 2019, advisory firm Timetric has forecast.
Most Biba members source PI cover from specialist brokers
The vast majority of brokers seek advice and buy their professional indemnity policies from a fellow intermediary that specialises in PI cover, a British Insurance Brokers’ Association survey has found.
Asta MGA enters solicitors' PI market with capacity from Great Lakes
Asta Capital has launched a new platform, called Asta Underwriting Management, to support the managing general agent market.
Towergate confirms closure of financial risks underwriting unit
Towergate has confirmed the closure of its underwriting division's financial risks unit which mainly managed professional indemnity business.
FCA annual report reveals insolvent insurer and client money deficit
The Financial Conduct Authority has stopped 1300 small law firms renewing their professional indemnity cover with an insolvent insurer as well as correcting a £17m client money deficit in a medium-sized broker, according to its 2014/15 annual report.
Interview: Mark Bennett: Keeping it in the family
Five years since the merger of Bennett Dawes and Christmas Insurance Brokers, Bennett Christmas chief executive Mark Bennett explains how he plans to grow the firm further.
Marintec and Partner Re strike strategic partnership
Italian underwriting agency Marintec has announced a strategic partnership with Partner Re Wholesale, the specialist SME division of global reinsurer Partner Re.
Quiz of the week - 2 April
Test your knowledge of this week's industry news stories with our just for fun quiz.
SRA investigates two uninsured firms
Two uninsured law firms that should have closed at the end of 2014 are being investigated by the Solicitors Regulation Authority.
Europe C-Suite: A judgment call - the PI market in Germany
The market for professional indemnity cover is growing in Germany - so how can insurers keep up with demand?
Elite offering PII to MROs as Medco minimum cover requirement is set at £1m
Unrated insurer Elite Insurance has “leapt to the aid” of medical reporting organisations that want to be considered for the Medco portal by offering professional indemnity cover.
Allianz launches PI product for e-trading platform
Allianz has launched a new e-traded professional indemnity product for the UK broker market.
Spanish MGA launches with Partner Re support
Spanish managing general agent Iberian Insurance Group has launched as part of a five-year commercial agreement with Partner Re Wholesale.
Interview: Steve Bamforth: Come together
A one-company man, Steve Bamforth became CEO of Liverpool-based Griffiths & Armour aged just 38. Now, with a strategy of acquiring teams rather than businesses, he gets a buzz from giving youth a chance
Mid-Sussex broker Bennett Christmas snaps up Howden PI book
Burgess Hill-based broker Bennett Christmas Group has acquired of a book of professional indemnity business from Hyperion Group subsidiary Howden Insurance Brokers.
49 law firms enter PI cessation period
12 law firms have been forced to close their businesses after failing to obtain professional indemnity cover, the Solicitors Regulation Authority has confirmed, while 49 have yet to renew PI cover.
Lime Underwriting PI and D&O exit opens door for Ascent
Ascent Underwriting has entered the UK and Irish professional indemnity and directors and officers markets following the recruitment of Lime Underwriting's managing director and two other specialists.
Martinez and Partners to enter professional indemnity market
Basingstoke-based broker Martinez and Partners is to launch stand-alone professional indemnity products for architects, surveyors and accountants in 2015.
Interview: Jon Walker: In at the deep end
Axa managing director for commercial intermediary Jon Walker reveals that a change programme and an e-trading review have ensured his first few months in the job have been ‘incredibly busy’
Begbies Traynor appointed administrators for Balva broker Bar Professions
Rescue and recovery specialists Begbies Traynor have overseen the sale of parts of Bar Professions’ professional indemnity book, after being appointed administrators for the Lloyd’s broker.
C-Suite - Broker: Groundhog day
The continued use of unrated insurers in the solictor’s professional indemnity market is concerning