Reportage - solicitors' PI: The domino effect
The much publicised troubles of Quinn and its solicitors' PI book have had a knock-on effect on other providers in the market. Liz McMahon asks what opportunities and responsibilities for brokers now exist.
On 1 October the playground taunt "pinch, punch first of the month" will be painfully apt for a record number of solicitors. Quinn's much publicised exit from the professional indemnity (PI) market has left 2,911 of the UK's 10,000 law firms hungrily searching for a new insurer in a market with an extremely limited appetite. Hiscox and Catlin have thrown in the towel while Zurich, which previously had a 13% share of the market, has shut its doors to new business. Solicitors that fail to secure
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
FCA scraps D&I rules plan and delays non-financial misconduct update
Regulators have ended work on proposed rules and expectations aimed at improving diversity and inclusion in regulated firms.
FCA cancels broker’s permissions
The Financial Conduct Authority has cancelled the ability of George Baker (Insurance Brokers) to carry out any regulated activities, with immediate effect.
FCA u-turns on enforcement transparency proposals
The Financial Conduct Authority is not going ahead with changes to announcing enforcement investigations, proposals that were labelled ‘name and shame’ and led to a huge outcry across the financial services market.
Insurers launch dual Lloyd’s/company market stamp capacity for brokers
Lloyd’s insurer MS Amlin and its sister company Mitsui Sumitomo Insurance Company (Europe) (MSIG UK), have announced plans to expand their London Market footprint with the launch of a new dual-stamp underwriting capability.
Should you sell your broking business to an Employee Ownership Trust?
Tax-efficient exit strategies and staff incentivisation have become hot topics among broker leaders since the recent increases in Capital Gains Tax and Employer National Insurance. In the second part of a series focused on the fallout from the 2024 Labour Budget, Catherine Heyes examines how broker owners can use Employee Ownership Trusts to respond to these developments.
Howden continues regional push with Milton Keynes hub
Howden has unveiled its new office in Milton Keynes, home to the relocated Bedford team and designed to be its base for expansion in the region.
M&A market will be busy but less frenzied in 2025, says Ardonagh boss Bayles
Ardonagh Advisory leader Phil Bayles has hailed reaching the goal of 12 deals in 2024 and indicated around a further six this year.
Real-life examples of SME cyber attacks needed to drive uptake – FSBIS’s Katie Freemantle
Managing director of FSB Insurance Service, Katie Freemantle, said there are not enough examples of SMEs that have suffered from a cyber attack to show real risks to small businesses.