Independent professional indemnity insurance broker, Brunel Professional Risks, saw a record rise in the number of solicitors’ practices placing their professional indemnity insurance (PII) business through the firm by the 1 October renewal deadline.

Over 150 law firms placed their PII through Brunel, with a significant number of insurance brokers accessing solicitors’ PII markets for their clients through Brunel’s new wholesale broking division. Access to the ‘whole of market’ advice, specialist expertise in solicitors’ PII, and a surge in the number of firms offered uncompetitive rates by competing brokers led to Brunel’s record renewal, the firm believes.

Russell Lane, Managing Director, Brunel Professional Risks, says:

"We were able to achieve significant premium reductions for many solicitor firms for their PII renewal this year and help others who were offered uncompetitive premiums by their incumbent insurers. As an independent firm we were able to access a wide range of markets and offer solicitors access to cover which was only available through limited distribution channels. We also helped many insurance brokers to access these markets for their solicitor clients through our new wholesale broking arm."

The 2011 solicitors’ PII renewal was notable for the low number of law firms entering the Assigned Risks Pool (ARP), the insurer of last resort for practices which cannot secure cover in the commercial insurance market.

Russell Lane, Managing Director, Brunel Professional Risks, says:

"Only 59 firms applied to enter the Assigned Risks Pool in 2011 although others are likely to have fallen into the ARP by default. We were able to keep a number of firms out of the ARP by providing risk management services and advice though in-house Lexel qualified team members and external specialist partners."

"The Law Society’s tough new rules, which will restrict solicitors’ practices to a maximum of six months in the ARP in the 2011-12 insurance year, have had the desired effect. It looks like a lot of weak firms, with poor claims records, simply wound down and closed their practices before the October deadline. This is good news for the legal profession and insurance markets, which will both be better off without these poor quality firms."