Unrated Latvian insurer Balva faces liquidation
Unrated Latvian insurer Balva, which is believed to provide professional indemnity (PI) insurance to 1,300 UK firms, has had its operating licenses withdrawn in a bid to protect customers.
The Latvian Board of Financial and Capital Market Commission (FCMC) has ordered the provider to either appoint a liquidator and begin the winding-up process or stop all insurance activities.
It comes after the FCMC banned the insurer from writing new business in April due to a "lack of information" regarding the company's UK business.
Despite being unrated, the insurer is estimated to have a 9% share of the UK solicitors' PI market, approximately 1,300 firms, amounting to GWP of some £20m. It
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