Pen Underwriting has reaffirmed its dedication to the UK solicitors’ professional indemnity (PI) sector through the introduction of a new multi-year capacity agreement.
This agreement, backed by A-rated security and Pen's established capacity partners, will empower the company to underwrite more than £100 million over the next three years.
Pen’s long-established track record in supporting brokers and their law firm clients goes back to September 2000. This development extends Pen's unwavering market commitment beyond the significant 25-year mark, extending through to 2026.
The newly acquired capacity will facilitate Pen's ongoing provision of primary coverage, spanning up to £3 million, across its diverse underwriting landscape. This encompasses a wide spectrum of clients, ranging from sole practitioners to firms boasting 20 or more partners, all of whom will benefit from the coverage in the upcoming 2023 renewals.
Pen's comprehensive underwriting scope caters to various types of firms, including both high street practices involved in a range of legal work and specialist firms focusing on areas like personal injury, criminal law, family law, and intellectual property.
Bolstered by the proficiency of their in-house solicitors’ PI claims specialists and an adept team of seasoned, technically proficient trading underwriters, Pen has demonstrated consistent underwriting performance, even in the face of a sometimes turbulent market environment.
Pen Underwriting head of solicitors’ PI Paul Crilly said that the stabilisation of the UK market has led to brokers putting a spotlight on the quality of service, proposal turnaround time, and ability to access complementary covers.
“Recent research by the Law Society found that the average time it takes brokers from submitting a renewal proposal to receiving a quote is approximately one month, and that seven in 10 law firms (72%) still don’t have cyber cover in place,” Crilly said. “Our underwriters will always work closely with brokers to ensure we turnaround quotes as promptly as possible while ensuring they have the tools at their disposal to outline and convey the very real benefits of cyber insurance to their clients.
“Such low take-up levels demonstrate solicitors may well be leaving themselves exposed to this growing area of risk. That said, it’s important they can access specialist, standalone cyber insurance tailored to their needs to avoid gaps in coverage.”
Earlier this year, the underwriting business also announced a whole host of changes to its divisional structure as it seeks to hit a billion-pound GWP target by 2025.
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