Fierce competition forces PI insurers out of the market.

Harsh competition in the professional indemnity market is forcing
some insurers to either shrink their portfolios, or to consider pulling
out of the sector altogether.

Last month, GAN Insurance announced the closure of its Professional
Indemnity and Financial Institutions Underwriting Unit.

The insurer admitted that its premium income on PI and financial
institution business has been steadily reducing in recent years and will
amount to less than £6m for the year.

Steve Hartigan, a director at GAN

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