Broker praises new Assigned Risk Pool rules
Brunel Professional Risks has reported a record rise in the number of solicitors’ practices placing their professional indemnity (PI) insurance business through the firm by the 1 October renewal deadline.
Over 150 law firms placed their PI insurance through the professional risks specialist, with a significant number of insurance brokers accessing solicitors’ PII markets for their clients through Brunel’s new wholesale broking division.
The firm put the increased interest down to its specialist expertise in solicitors’ PII, and a surge in the number of firms offered uncompetitive rates by competing brokers.
Brunel managing director Russell Lane, said: “We were able to achieve significant premium reductions for many solicitor firms for their PII renewal this year and help others who were offered uncompetitive premiums by their incumbent insurers.
“We also helped many insurance brokers to access these markets for their solicitor clients through our new wholesale broking arm.”
Lane said that the Law Society’s tough new rules for the ARP, restricting solicitors’ practices to a maximum of six months in the scheme during the 2011-12 insurance year, have “had the desired effect.”
He said: “It looks like a lot of weak firms, with poor claims records, simply wound down and closed their practices before the October deadline. This is good news for the legal profession and insurance markets, which will both be better off without these poor quality firms.”