Quinn pulls out of solicitors’ professional indemnity market

Quinn Insurance recently made headlines by announcing it will pull out of the solicitors’ professional indemnity insurance market in Ireland.

The County Cavan-based business insurance company, which has gone  into administration, recently told the Law Society that it would no longer be offering to cover solicitors for business liability insurance when the 1st of December renewal date rolls around.

As a condition of their practice, all solicitors have to meet the requirement of having professional indemnity insurance.

John Cortello, the Law Society’s new president, spoke of the many issues facing solicitor firms in the coming weeks.  Mr Cortello stated that the December 1st professional indemnity insurance renewal date ranked as the most significant challenge the industry faces due to its impending arrival.  Moreover Mr Cortello stated that the Law Society Council was fully comprised of the situation in a recent update in regards to the renewal date.

The central news item was that Quinn Insurance had given the Law Society information regarding its withdrawal from the professional indemnity insurance market for the period that commences on the 1st of December of this year, Mr Cortello also said.

The Law Society president also drew attention that Quinn’s withdrawal from the market was not an isolated incident by referencing a report made by Royal and Sun Alliance  regarding their own departure frmo the market as well.

Currently providing 14 per cent of solicitor firms, Quinn Insurance handles roughly twice number of them that RSA does, with their market share of 7 per cent. Mr Cortello stated that with both companies withdrawing from the Irish professional indemnity insurance market was just one more reason for solicitors to renew their policies in a timely manner by comparing a large number of professional indemnity insurance quotes.

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