Insurer is writing to brokers ahead of policy renewal periods to inform them of the changes
WR Berkley (WRB) is reducing its appetite in several classes of professional indemnity (PI) and has withdrawn completely from writing business for independent financial advisers (IFAs), Insurance Times understands.
The insurer is not inviting automatic renewals on its book of PI business for certain types of engineers and architects, but will decide whether to continuing writing risks on a case-by-case basis.
WRB, which has been writing IFA business since 2003, is also not inviting renewals across its whole IFA book.
The insurer has been writing to brokers ahead of policy renewal deadlines to inform them of the changes.
Since 2008, the insurer has also been shrinking its exposure to the accountants’ and surveyors’ market.
WRB declined to comment.
In April Insurance Times revealed that RSA was pulling out of several classes of professional indemnity (PI) insurance and shrinking its book by £17m.
In contrast, the previous month AXA confirmed plans to grow its PI book from £7m to £25m and start writing the class from its regional offices.