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How the withdrawal of a PII insurer will impact its customers - and the market

Blake Hynds, Client Account Manager for Professional Indemnity Insurance at Wesleyan, explains how an insurer withdrawing will have an impact on its customers - and the market at large.


Unrated insurer Elite Insurance has announced it is withdrawing from the solicitors' PII market and will not be offering renewal terms for any of its existing policies.

While it seems this is a strategic decision on the company's part, rather than an inability to pay claims, it will still cause issues for well run law firms who now unexpectedly find they will have to change insurers through no fault of their own.

As many in the legal sector found out in 2013 when Balva collapsed, an insurer's exit from the market can cause a knock on effect to the entire market as insurers become inundated with presentations for the firms without renewal terms, causing delays for many, with some facing the risk of entering the Extended Indemnity Period if cover is not found in time.

To ensure they're not caught out, the message to any law firm that is currently insured with Elite is to start their PII renewal preparation as soon as possible to ensure they have enough time to work with a broker to review the market, organise their paperwork and find the best deal.

Wesleyan provides specialist advice to law firms and has access to a wide variety of insurers in the PII market. It can also arrange competitive funding options through Wesleyan Bank and Syscap which are part of the Wesleyan group of companies.

If you would like to talk to someone please contact Blake Hynds on 07964 243787 or e-mail blake.hynds@wesleyan.co.uk.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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