Ink secures new solicitors' PII capacity

Giles-owned Ink Underwriting Agencies has teamed up with broker St Giles Legal and Professional Risks to launch a new solicitors professional indemnity insurance facility, Insurance Times has learnt.

The new facility comes just weeks before the solicitors' PII renewal season gets underway on October 1.

Solicitors face a tough renewal period following a number of high profile exits from the market, including Quinn Insurance and Hiscox, as well as a number of insurers which have a reduced appetite for the business.

Policies will be issued by Danish insurer Alpha Insurance A/S and the cover will be underwritten by re-insurer Greenlight Re.

INK managing director Mike Smith told Insurance Times the facility will have the capacity to write "tens of millions of pounds" in cover.

He said Ink would be selective with the risks that it takes on board. The facility is targeting firms with between one and 25 partners and will be issued through brokers.

“We are delighted to have collaborated with St Giles, and to have been able to create a timely solution for solicitors who we know are finding this year’s insurance renewal season very challenging," Smith said.

"Both we and St Giles have significant knowledge and expertise in this marketplace, and a good understanding of the issues.”

St Giles managing director Malcolm Gordon said: “We have produced with Ink a creative facility, backed by solid re-insurance. We will run this with a team that includes people who themselves were once solicitors in private practice.”

Last month, insurer Travelers struck a deal with Quinns former broker, Prime Professions, to offer cover to sole practitioners hit by Quinn’s exit from the market.