Legal Week professional indemnity Q&A in association with Zurich

In a series of three videos she outlines how she believes the PI market will develop over the next three years and provides practical tips on how firms can get the best possible cover from their insurers.

Solicitors' PI insurance has been a political hot potato within the profession for many years. In April the Solicitors Regulation Authority published the results of a major review into the provision of PI insurance. The report - which contained the decision to extend the life of the highly controversial Assigned Risks Pool - was described by the Association of British Insurers "as a missed opportunity for the long overdue reform which is so badly needed".

In this first video in the series of three , Screech explains the background to the report, outlines its key provisions and explains what she believes it means for the profession.

Click here to view the interview.

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Legal Week professional indemnity Q&A in association with Zurich
Legal Week professional indemnity Q&A in association with Zurich

In a series of three videos she outlines how she believes the PI market will develop over the next three years and provides practical tips on how firms can get the best possible cover from their insurers. Solicitors' PI insurance has been a political



Associations argue for change of compensation system

The Financial Services Council (FSC) has proposed PI insurance cover that will cover compensation that is deemed appropriate but which is not generally covered though the existing PI insurance market, such as run-off cover or fraud committed by an



Arch Cru claims two more IFA firms but more may follow

Managing director Steve Moseley said its Sterling McCall Asset Management (SMAM) business, which housed his £5 million client base, had been liquidated due to spiralling professional indemnity insurance (PI) costs. Moseley invested around £200000 from



Elite rules out solicitors' PI move

The firm said the “latest cash call by the ARP in the region of £38m has led to an even greater hardening of reinsurance rates in the solicitors' PI insurance market”. It added: “As such, new entrants are finding it extremely difficult to secure



FSA indicates that PI insurance premiums 'will not rise'

Professional indemnity insurance premiums will not rise despite the increase in the Financial Ombudsman limit, the Financial Services Regulator (FSA) has said. The FSA this month raised the limit on awards from Financial Ombudsman to £100000 and




Zurich appoints new chief PI insurance underwriter for Europe ...

One commercial insurance and reinsurance specialist recently announced a brace of new appointments in both its UK financial lines division and its European professional indemnity underwriting divisions.

Business liability insurance specialists Zurich announced the appointment of Stuart Quinlan as their newest European profesional indemnity chief underwriting officer.   The firm also announced that its UK financial lines department will now be headed by Alan Moore, as well.

Mr Quinlan, in his new role fresh from his previous one as financial lines head for the UKGI broker division for Zurich, will now be responsible for the development of professional indemnity insurance across the Euro zone.  Prior to his time at Zurich, Mr Quinlan served as one of Novae’s underwriting directors.

Mr Moore was head of professional and financial lines for Zurich Global Corporate UK prior to his most recent appointment.  Now tasked with building on the specialist expertise of each individual financial lines division, Mr Moore will also be responsible for providing a clear, singular focus for the UK marketplace’s financial lines.  He had previously been with the risk management division.

UKGI specialties and middle market director, Gary Wainwright, remarked that both Mr Moore and Mr Quinlan are regarded quite highly in their respective fields.  They will both undoubtedly bring depth of experience and quality of focus on to their respective roles, added Mr Wainwright.

GCUK’s interim chief underwriting officer for the UK, Nick Major, also commetned, saying that the overall aim of the firm is to maintain a specialist focus in each of their individiual sectors while also aligning its approach in all sectors in Europe.  This will allow the company to work as a unified team in order to close any gaps, while using the combined expertise that they do have to the fullest.


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