Debate over unrated passporting providers rages after Balva debacle

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The withdrawal of Latvian insurer Balva’s operating licenses threw the debate about unrated, passporting providers back into the spotlight once more.

Yet again it was the UK’s professional indemnity (PI) market which was affected by the upheaval.

In 2009, Quinn Insurance – which was soon to collapse into administration – lost €333m [£282.7m] in the UK alone, prompting it to pull back from solicitors’ PI. And only last year, another PI provider, Gibraltar-based Lemma Europe Insurance Company slip