Travelers to pick up Quinn’s legal PI
Travelers has struck an exclusive agreement with Quinn’s former broker, Prime Professions, the Law Society Gazette has reported.
The insurer will offer professional indemnity cover to sole practitioner lawyers left in limbo by Quinn’s expected departure from the market.
However, Prime director, Richard Brown, has stressed that Travelers will only take on around three-quarters of the 1,900 sole practitioners currently insured by Quinn, and that premiums can be expected to rise by 15% to 20%.
The Gazette warns that around 500 sole practitioners currently insured by Quinn are therefore likely to face the “extremely difficult” task of finding alternative cover.
The publication also reports that, RSA, which had a 6% share of the market last year, will cut a significant number of its existing customers and will not take on any new firms this year.
Separately, lawyers may soon be feeling the impact of aggregators, with the Gazette highlighting the launch of what is claimed to be the first legal services price comparison website.
Free registration is available at wigster.com and firms who obtain work through the site will be charged a referral fee.
Category: Business Insurance News, Companies News, Insurance News
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