Liquidation-threatened Balva third biggest UK PI provider

Square rigger on a stormy sea

Balva - which last month had its operating licenses withdrawn in a bid to protect customers - also saw its market share increase by 7% compared to 2011/12. Balva is estimated to provide PI cover to 1,300 UK firms. 

Recently, The Latvian Board of Financial and Capital Market Commission (FCMC) ordered the insurer to either appoint a liquidator and begin the winding-up process or stop all insurance activities.

According to the report the two biggest PI providers were XL with a 23% market share and

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