XL commands biggest share of solicitors' PII market
Four insurers provided more than half the market share of solicitors' professional indemnity insurance (PII) in 2011, the Law Society Gazette has reported.
According to the publication, the Solicitors Regulation Authority (SRA) has released figures which show that 18% of law firms purchased PII from XL Insurance. Hannover provided a further 12.5% of firms with PII while 11.8% bought from QBE and and 11.6% from Travelers.
The Law Society Gazette reported that 10,917 practices in England and Wales secured PII by the renewal closing date of 31 October, generating a total premium income of £255.7m.
Only 32 firms entered the Assigned Risks Pool (ARP)
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