Home Hammond PI Blogs Advisers face PI premium hike following collapse of Quinn
Advisers face PI premium hike following collapse of Quinn
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Written by Dave Hedgecock   
Tuesday, 06 July 2010 13:06

An increase in professional indemnity (PI) insurance claims and the collapse of a major insurer means IFAs are facing hikes in their premiums.

Northern Irish insurer Quinn Insurance, which provides professional indemnity insurance to a large number of IFAs, was placed in administration on April 15 and although current PI policies with the insurer are still valid, Quinn Insurance has stopped writing new business in the UK. IFAs with a Quinn Insurance policy will have to seek a new insurer when their current policy comes up for renewal, possibly increasing the cost.

Citywire

20 April 2010

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Mo Miah  - Catlin & Hiscox join the club   |SAdministrator |2010-07-06 14:29:22
Hiscox, together with Catlin one of the largest syndicate at Lloyd's have both
recently announced that they are withdrawing from the Solicitors Professional
Indemnity market this year. Coupled with the demise of Quinn will potentially
result in a smaller market for Solicitors PI this year. Details on their
position for existing book of PI business is yet to be confirmed. It is yet
another blow for an industry which has seen a significant increase in
Professional Indemnity premiums recently.
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