Professional indemnity (PI)
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.
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.