Underwriter Inks £100M Solicitors Professional Indemnity Deal

Law360, London (July 31, 2020, 3:52 PM BST) -- A Gallagher-owned underwriter has secured a deal to write up to £100 million ($131.6 million) in professional indemnity insurance for solicitors in the next three years, despite insurers increasingly withdrawing from the market or hiking premiums.

Pen Underwriting said Friday the capacity deal represents a 20% increase in premium per year than what it has previously written.

In a statement, Pen said the market had proven "turbulent" in recent years.

"With a number of insurers and [managing general agents] choosing to exit the solicitors' PI market over the course of the last year, we know how much brokers value our long-term...

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