One indemnity insurance broker reports that the number of solicitor firms placing their professional liability insurance business through them increased for this renewal season, which ended on October 1.
Business liability insurance broker Brunel Professional Risks said that many solicitor firms placed their insurance through them, with a substantial number of brokers making use of the Brunel’s division, which provides wholesale broking services. Remarking on the impetus behind the renewal increase, Brunel managing director, Russell Lane, commented that the firm had been able to achieve substantial premium price reductions for many law firms for their yearly renewal, while also aiding others who had been offered premium prices from their current insurers that were noncompetitive.
Brunel, an independent firm, was able to access a large selection of markets, thus offering solicitors access to insurance which had only been made available through distribution channels that were otherwise quite limited, said Mr Lane. The managing director also added that Brunel aided many brokers in gaining access to these markets for their law firm clients through it newly developed wholesale broking division.
Notable for only a few law firms needing to resort to the Assigned Risks Pool, the 2011-2012 renewal season saw less than 60 firms applying for entrance into the ARP, though Mr Lane said that it was likely for other to have fallen into the ARP by default.
Through Brunel’s actions, it was able to keep a significant number of firms from having to resort to the ARP through its provision of risk management advisory services through external specialist partners and in-house level qualified teams, said Mr Lane.