Endurance Worldwide is the biggest new entrant
Endurance Worldwide Insurance is the biggest new entrant into the solicitors’ professional indemnity (PI) market this year.
However, QBE is the largest insurer in the whole solicitors’ PI market. It also grew its market share.
Of the new entrants for the 2014/15 indemnity period, Endurance Worldwide Insurance took the largest chunk, now holding 2.23% of the PI market by premium income.
Endurance is followed by Novae Syndicates, which has 0.64% of the market, and then Argo Managing Agency, Syndicate 1200 which has 0.53% (see below).
QBE, which includes the Insurance (Europe) and syndicates 386 and 1886 businesses, tops the list of insurers with the largest market share of premium income for a second year running.
It controls 19.97% of the solicitors’ PI market, up by 1.7 percentage points from 18.2% in 2013/14.
Separately, QBE Insurance Europe’s market share increased by 3 percentage points to 17.12%, while syndicate 1886 remained relatively flat at 0.7%. Syndicate 386 reduced its market share to 2% from 3.5% in 2013/14.
Other big players include Travelers with 10.56%, Zurich with 8.54%, Amtrust with 8.11%, and International Insurance Company of Hannover with 5.97% (see below).
Amtrust grew its market share by 1.4 percentage points to 8.1%, while Travelers reduced its share by 1.7 percentage points, Zurich by 0.8 and International Insurance Company of Hannover by 0.35.
Unrated insurers Alpha and Elite both reduced their market share in 2014/15.
Alpha reduced it share by 2.6 percentage points to 3.9% from 6.5% in 2013/14, while Elite reduced its proportion of the solicitors’ PI market by 1.3 percentage points to 2.6% from 4%.