London-based HDI Specialty has become the “latest white knight” to make changes in the Australian professional indemnity insurance market by not renewing a binder relationship it had with a London-based MGA supporting Bric, leaving the country’s largest broker of PI insurance scrambling to find an alternative provider for as many as a fifth of its clients.
Pat Beaumont, manager of professional risk at Bovill Risk & Insurance Consultants (BRIC), said that with HDI Specialty decision to stop issuing new policies and not renew the existing policies of some 100 building certifiers it had signed up, the Melbourne-based broker and underwriter Landmark had to try to find other insurers to replace the cover.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.