Legal Risk survey shows Marsh top PI broker with 37% market share
Lockton is gearing up to regain its top slot as the professional indemnity (PI) broker for the UK's leading law firms, after being toppled by Marsh.
A survey of the UK's top 100 law firms by Legal Risk revealed that Marsh had a market share of 37% in 2006, up from 31.4% in 2005 (see box below).
Lockton, which at the time was Alexander Forbes International Risk Services (AFIRS), was relegated to second place with a 23% share. It had a 38% share in 2005, according to Legal Risk.
Last year, AFIRS saw 20 staff defect to rival start-up Prime Professions.
The report's author, Frank Maher, said: "Lockton has done very well to maintain its proportion of the market given the amount of change it has been through.
"It is very challenging when you lose a number of staff. Next year it will be interesting to see whether it moves up the table."
Lockton said its share of the entire solicitors' PI market had increased by 10% in 2006, and it had won three new contracts in the top 100 market.
"As the market leader we focus on the whole' market. We had an excellent solicitors' renewal season with our total market share increasing by 10% in 2006," said James Houlder, chief executive of Lockton's professions division.
"The solicitors' PI market is about more than the top 100 firms. We still won three new top 100 firms in 2006, more than any other broker in the market. We have already been invited to tender for a number of top 100 law firms for the 2007 renewal."
The broker has also appointed a number of key personnel, including Neville Miles, formerly FirstCity's head of professional indemnity.
The survey also revealed that FirstCity had failed to win any top 100 contracts and lost its 3.7% share of the sector.
In the insurer league table a raft of new entrants depleted last year's big winners significantly.
Ace lost the largest portion, falling from a 16.7% share in 2005 to 10% in 2006. Norwich Union and Royal & SunAlliance also saw a slight decline.
St Paul Travelers capitalised on its position as market leader, increasing its portion from 27.8% in 2005 to 33% in 2006.
