Axa Corporate Solutions is to cease writing professional indemnity (PI) business.
Analysts say the move is due to a lack of profitability in the market.
AXA Corporate Solutions general manager A ...
AXA Corporate Solutions is to cease writing professional indemnity (PI) business.
Analysts say the move is due to a lack of profitability in the market.
AXA Corporate Solutions general manager Adrian Ballardie said: "I can confirm we have pulled out of professional indemnity in the UK and I can't make any further comment."
A spokesman for brokers Dickson Manchester said: "Given the state of the professional indemnity market at the moment, it's hardly surprising insurers are pulling out.
"Professional indemnity rates in the last two or three months have gone through the roof because there are capacity and profitability issues."
AXA Corporate Solutions specialised in solicitors' indemnity.
This product returned to the open market in August 2000 when the Solicitors' Indemnity Fund went into run-off.
One market analyst predicted the solicitors' PI market will continue to consolidate.
A recent Alexander Forbes Solicitors' Claims report showed 40% of claims on solicitors' indemnity comes from conveyancing work.
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