International (re)insurance broker UIB is planning a renewed assault on the UK solicitors’ professional indemnity (PI) market after re-signing a binding authority capacity deal with legal specialist Elite Insurance Company for a further year.
UIB is one of the few brokers in the market to have its own capacity available directly for clients and the renewed deal builds on the success of UIB’s original one year agreement with Elite. As the Solicitors’ PI market is changing, particularly the abolition of a compulsory annual renewal date from 1 October 2013, UIB is currently working with Elite to develop new products to provide greater flexibility and affordability for UK law firms, with the first product expected to be announced in time for this year’s renewal period.
As part of Elite’s rapid expansion, it recently rejoined the Association of British Insurers and plans are in place for Elite to obtain a financial rating from a leading rating agency later this year to give better client confidence in its capabilities.
UIB PI specialist Simon Lovat said: “We are very pleased to be extending and broadening our relationship with Elite, particularly at a time when the solicitors’ PI market is undergoing change. Elite is an ideal partner as it is robust and flexible enough to cater for a broad range of firms and product development is currently underway to bring some much needed fresh thinking to a changing market.”
Jason Smart, chief executive of Elite said: “UIB is the natural choice for Elite following our successful launch into the England & Wales Solicitors PI market with the UIB team last year, after many years providing ATE insurance to the solicitors market. The binding authority arrangement has proven to work extremely well for both parties and we intend to build on that by innovating to give solicitors greater choice in how they access the PI insurance that they need.”
