Quinn bows out of the UK solicitors’ professional indemnity insurance market

IN a recent announcement, Quinn Insurance made it abundantly clear that the solicitors’ professional indemnity insurance market will have to soldier on without their presence.

Believed to have lost in excess of £20 million last year, Quinn leaves a professional liability insurance market so brutal that managing entities for the insurer did not even attempt to appeal to the Financial Regulator in order to grant Quinn the ability to resume business writing, despite the fact that they made efforts to lift bans on the remainder of the British book.

Quinn Insurance Limited released a definitive statement ion which it said that in no uncertain terms that there will be no re-entry into the English and Welsh business insurance markets this year under any circumstances.

Once their current insurance term expires, solicitors doing business in the UK will have until this coming October to procure new coverage.  UK solicitors have until October to find new cover. This means a possible scramble for the approximate 10 per cent of the market that Quinn had been insuring up until now, mostly consisting of smaller-sized law firms and sole practitioners.

While Quinn finalises its exit from one insurance line in the UK, the Financial Regulator is still considering the firm’s request for permission for re-entry into other commercial insurance markets.

Quinn’s plans have been in the Regulator’s possession since this past May, and include quite extensive raises to their UK premiums, in some places as much as 2,000 per cent higher than previously.

There has been no indications from the Regulator that it will be issuing even a timetable for when those proposals will be decided on; in light of the delay, most industry experts agree that the situation with Quinn’s UK offerings will not face any sort of resolution until the company has been purchased on the open market.

To date there are approximately four entities waiting patiently for the opportunity to bid on the insurer.

© 2017 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

Tags: , , ,