The solicitor’s PI market in the UK has taken some heavy hits in recent years with several insurers and underwriters withdrawing from the sector. However, now one MGA is hoping to bring some much-needed capacity to the area.
MGA Inperio has secured a three-year agreement with programme underwriter Accredited Insurance (Europe) Ltd (AIEL) to grow their solicitor professional indemnity portfolio and to also launch a new product aimed at independent financial advisers (IFAs).
“As an MGA who specialises in the provision of professional indemnity insurance, we are thrilled to continue to grow our relationship with Accredited both solidifying our solicitors portfolio for a further three years as well as bringing new IFA products to the UK market,” said Inperio CEO Simon Lovat.
“We have been analysing the IFA market for some time and are conscious that Independent Financial Advisors have both a lack of choice of insurers and are often faced with products not suitable for their needs; something we look forward to changing.”
Meanwhile, CEO of AIEL’s program division Colin Johnson noted his own excitement at the deal.
“This opportunity to provide policies to IFAs offers a seamless development to the work Simon and his team already do with us and we look forward to helping more Solicitors and IFAs with their insurance needs over the next three years,” he said.
