It’s been a rough period for the solicitors’ PI market, with a significant reduction in capacity as many providers exit the market. One MGA, however, is hoping to buck the trend with an enhanced multi-year capacity deal allowing it to write 20% more premium on an annual basis.
That MGA is Pen Underwriting, which will write more than £100 million in solicitors’ PI premiums during the next three years. It plans to use the capacity to offer primary cover up to £3 million across its underwriting footprint for 2020 renewals.
“With a number of insurers and MGAs choosing to exit the solicitors’ PI market over the course of the last year, we know how much brokers value our long-term commitment to providing protection to UK law firms, as well as our focus on great service and the ability to quote for a wide range of activities,” said head of solicitors’ PI Paul Crilly.
“Backed as we are by A-rated security and capacity partners that value the expertise, high quality data, actuarial analysis and broad distribution we bring them, we will continue to expand our business in a sustainable way to offer UK brokers the right mix and level of protection sought by their solicitor firm clients.”
Meanwhile, CEO Tom Downey noted that in the current backdrop the move was a “huge endorsement” of the team’s quality.
“This is another great example of how Pen’s ability to deliver the loss ratios targeted by our capacity providers is resulting in the reassurance of long-term cover provision in challenging markets for our brokers and their customers,” he said.