Around £20m of solicitor's PI is believed to be currently placed, through early renewals with Berliner, the German unrated insurer which stepped in to replace BALVA when it's Latvian regulator prevented it from undertaking further business.
We understand that all solicitors who thought that they were renewing with Berliner for the year commencing 1st October, have been informed that Berliner may not be in a position to accept any solicitors Professional Indemnity insurance policies for the coming year.
This serves to highlight the concern expressed by many in the market regarding the dangers of insuring with unrated insurers, regardless of the short-term financial attraction.
With less than a month before renewal date, firms who are affected by this issue, cannot afford to rely on the situation being resolved with Berliner, or finding another short-term unrated insurer solution.
Lockton, as with many reputable brokers, will only approach rated insurers on your behalf. While the market options are more restricted, particularly for smaller firms, than in previous years, Lockton does have access to a wide range of markets including exclusive access to International Insurance Company of Hannover - and other brokers may also have access to their own exclusive markets for smaller firms.
Contact us at firstname.lastname@example.org enclosing a copy of your latest renewal documentation, and we can discuss the options available to you.