JLT Specialty voices concerns on unrated markets
JLT Specialty has raised concerns about solicitors placing professional indemnity (PI) insurance in unrated markets.
The news came as JLT Specialty said that it expected 2013 to "be an interesting year for PI renewals" due to it being the first year without the assigned risk pool and the first year solicitors could change their renewal date for 2014 and beyond.
Mike Perry, partner at JLT Specialty, stated: "We remain concerned that unrated markets are still winning business, particularly in the light of what has happened with Balva.
"It seems solicitors have not clearly understood the potential downsides to
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