|RSA swing the Axe at its UK professional indemnity book|
|Written by Hammond|
|Tuesday, 29 April 2014 06:52|
RSA is to swing the Axe at its UK professional indemnity book, withdrawing from products for architects, design and construction, and survey and valuation as well as excess of loss Professional Indemnity cover.
The insurer is to cease providing some PII capacity in the UK from 1 May 2014. It will, however, maintain products for engineers, accountants, property professionals, media, IT and others.
RSA, which includes MoreThan customers have said that from 1 May, no more new business will be written for Architects, Design and Construct Risks, and Surveyors involved in more than 10% S&V. In addition they will not be quoting for any further Professional Indemnity Excess Layer policies.
We understand that from 1 July 2104, Renewals will also be declined for these professions.
The news broke out after it was revealed by an industry publication that the RSA Binder with Towergate will also cease.
The news follows a similar move by Aviva who pulled out of the Professional Indemnity Market for its small and medium sized risks in 2013.
RSA director of professional and financial risks Patrick Brice said the firm remained committed to a role as a leading professional indemnity insurer. "As part of our strategy to improve the business performance of the Group we are sharpening our focus on target markets and segments where we can deliver sustainable returns and growth". "We have reviewed our professional indemnity portfolio and in the future we will focus on specific areas where we can best deliver value and service to our customers and brokers." Source (Insurance Age)
Hammond Professional Indemnity Consultants Director, David Hedgecock said " This follows in the wake of several insurers thought 2013-14 who are looking to rationalise their book of Pi business following what have been a difficult period for insurers in respect of claims and falling premiums from some newer insurers". We have many alternative markets for these risks and will be doing out utmost to support those in the market who are seeking alternative providers for their professional indemnity Insurance.
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