Solicitors' PI rise
Solicitors are facing premium rises of around 35% for professional indemnity (PI) cover, according to Zurich Professional. Over 9,000 solicitors in the UK are obtaining quotes for their PI cover which, at present, is renewed on 1 September.
Fears over the adequacy of Equitas' reserves prompted ratings agency AM Best to leave the Lloyd's Market's financial strength rating unchanged at A-. The report said the uncertainty of the adequacy of Equitas' reserves remained a long-term negative factor.
Ace INA's £111m
Ace's recently re-authorised business, Ace INA UK, has revealed it has written over £111m of gross written premiums in its first six months of trading.
Political risk deal
The London Market has completed an agreement to use a new general underwriters' agreement (GUA) when writing political risks business. The GUA now has six lines of business including non-marine, marine hull, excess of loss and treaty reinsurance and marine liability.
Equal pay debacle
Over half of the country's brokers have not prepared for the introduction of equal pay requirements, according to a survey by Peninsula. The government is introducing the Equal
Pay Questionnaire in a bid to address sex and pay in workplace discrimination.
The insurers' rulebook on corporate governance, the combined code, will urge companies to carry out regular assessments of their boards, under proposals from the Financial Reporting Council.
The Civil Justice Council (CJC) announced that the scheme will come into force on 6 October. It will apply to road traffic accidents under £10,000 and will not be retrospective. The draft rules can found at: