Insurance Times Awards 2025: Financial and Legal on how it succeeded where big players couldn’t

Why did you put yourselves forward for the Specialist Insurer of the Year category?

We put ourselves forward because the last two years have been pivotal for the GAP insurance market and we’re proud of the role we’ve played. When several providers withdrew and the FCA paused sales, Financial and Legal was one of only a few insurers allowed to resume trading.

That reflected the strength of our governance and partnerships. Entering this category is a way to recognise our team’s hard work and showcase a success story from a smaller insurer, but also to highlight how a collaborative approach can continue to protect customers in a challenging market.

What do you think makes your entry stand out and why should you win the award?

The shortfall between insurance payouts and outstanding vehicle finance continues to widen and so finding a way to continue offering this valuable product was essential, but also challenging.

We took difficult decisions on remuneration, were selective about who we worked with and engaged constructively with the FCA and our partners throughout.

As a relatively small insurer being trusted to restart when many larger players couldn’t, we believe we’ve set a benchmark for responsible, specialist underwriting. Winning would be a huge vote of confidence in our people.

What would winning this award mean to you and your firm?

Our entry focuses on how we responded to a very specific market problem rather than on growth for its own sake. This award would be a fantastic endorsement of our strategy and our team mates who helped deliver it. The team showed resilience and creativity through an intense period of regulatory change, and our commitment to doing the right thing for customers.

It would also give our partners, staff and policyholders confidence that a focused, fair-value approach in a complex niche like GAP insurance is not only sustainable but worthy of industry recognition.