Elite declines to enter solicitors’ PI market
Elite Insurance, has decided against entering the solicitors’ professional indemnity (PI) insurance market this year reversing initial suggestions it would.
The company stated the decision was due to the lack of essential changes to the Assigned Risk Pool (ARP) and the rules governing policy wording.
The national provider of legal expenses and other financial insurance products added that the latest cash call by the ARP, in the region of £38m, has led to an even greater hardening of reinsurance rates in the solicitors' PI insurance market.
It noted that new entrants are finding it extremely difficult to secure adequate reinsurance arrangements thus
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