Several Lloyd’s capacity providers previously supporting Aon MGA Maven had withdrawn their capacity as part of the Lloyd’s profitability review
Aon MGA Maven is to stop offering professional indemnity cover to solicitors.
As reported in Law Gazette, Aon has sent letters to solicitors affected informing them it will not be able to obtain a renewal quotation for them.
The letter went on to ask for the customer’s consent to allow broker The Professional Indemnity Company (TPIC) to arrange alternative cover for them.
In a statement provided to Insurance Times, Aon explained the decision. It said: “Aon UK Ltd provides professional indemnity insurance broking and advisory services to solicitors firms of all sizes.
“A number of insurers are withdrawing from the solicitors PI market including Maven Underwriters. A number of Lloyd’s capacity providers who have previously supported the Maven MGA have withdrawn their capacity as part of the Lloyds profitability review.
“Aon has negotiated with alternative insurers and partner brokers who specialise in PI for solicitors to ensure that all existing Aon/Maven clients with cover lapsing on 30th September 2019 are offered a renewal strategy that will deliver the very best terms available in the market.
“Aon continues to provide sustainable insurance solutions for all of its clients in this sector.”
The professional indemnity market was one of those most affected by the Lloyd’s review. The class has driven a hardening in the UK market this year, but has caused issues for construction firms and financial advisers in the pensions market as they struggle to source affordable cover.
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