Elite Insurance withdraws from solicitors’ PI market
Insurer cites unsustainable premium prices, fraud and proposed legal changes as factors in the decision.
Elite Insurance has withdrawn from the English and Welsh solicitors' professional indemnity insurance market.
The company, which entered the market in 2012, confirmed that all existing policies will continue until expiry but that renewal terms will not be offered.
In particular the insurer listed reducing premium rates, increased propensity to fraud on solicitors' client accounts and the proposed increase in the small claims market affecting personal injury firms as being factors behind its
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