Insurer targets £3m premium in first year

Elite Insurance Company will enter the UK solicitors’ PI market from this year’s renewal.

Elite chief executive Jason Smart said the firm was targeting £3m of premium in the first year from small-to-mid-sized niche personal injury law firms.

He said: “We have been looking at entering this market for three or four years now, but the way the ARP [assigned risks pool] was structured before, and the number of firms in it, was ridiculous and completely unattractive.”

Elite has appointed Richard Spencer as solicitors’ PI insurance underwriter to oversee the new class of business. He will work with the existing Elite underwriters and support staff.

Smart added: “We have been offering insurance and support services to solicitors for the best part of 14 years so it follows that it’s a logical move.

“We are hoping that the market will settle down, but we think it will be a turbulent market for a few years to come yet.”