Catlin takes over from Hannover Re for Admiral's PI and D&O business
Catlin Insurance Company Limited (CICL) has taken over from Hannover Re as the professional indemnity (PI) underwriter for Admiral Underwriting Agencies.
Marsh, the owner of Admiral, confirmed this week that it had "facilitated the transaction".
CICL chief executive Andreas Loucaides said CICL was the sole underwriter for Admiral's PI book, and was also the lead underwriter of Admiral's directors' and officers' (D&O) business.
Loucaides declined to reveal the value of the Admiral business underwritten by CICL.
Admiral Underwriting is on the Institute of Chartered Accountants' PI underwriting agency list for 2004. The agency is also on the Royal Institute of Chartered Surveyors' (RICS) list of providers.
CICL recently recruited three new underwriters to its PI and D&O teams.
Ace D&O specialist Julian Elms and Chubb PI specialist Tracy Ambrose are set to join CICL in around two months' time, while WR Berkley underwriter Rob Crocker has already taken up a position with the company.
CICL began trading at the beginning of 2004. The insurer focuses on specialty lines business, including PI, D&O and SME property lines.
CICL is aiming to write £150m worth of business in its first year.
PI underwriters have warned that the current subsidence event year could lead to premium hikes and shrinking capacity in the PI market.
Hiscox said that the PI market could suffer as property insurers subrogate claims to PI insurers in cases where surveyors have failed to spot existing subsidence.
PI capacity has flooded into the market in recent months. Lloyd's managing agents Markel and Limit said they would be upping their PI capacities in 2004 by £22m and £12m respectively. Meanwhile, new Abacus syndicate 2526, which is targeting £40m of PI business in 2004, began trading at the beginning of this year.