Liquidation-threatened Balva third biggest UK PI provider
Liquidation-threatened Balva was the UK's third biggest professional indemnity (PI) insurer during 2012/13 with a 9% market share, the Law Insurer's Guide has revealed.
Balva - which last month had its operating licenses withdrawn in a bid to protect customers - also saw its market share increase by 7% compared to 2011/12.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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