Today, Pen Underwriting announced that it has acquired Manchester Underwriting Management in a deal that will see our 50-strong team of insurance specialists add complementary breadth and depth in financial lines specialisms and more than £60m of gross written premium to its £600m GWP business. Becoming a part of Pen Underwriting will enable us to deliver the next level of…read more →
With the Covid-19 vaccine roll out taking effect, the country is starting to work its way back to some kind of normality. As the economy begins to turn faster, businesses are beginning to trade again and the impact of the lockdowns will start to show once businesses get to their year-ends and look at their finances. Each month, the FCA…read more →
I have often heard insurance brokers tell of clients who never expect to have a claim, mistakenly of the belief that it will never happen to them. Over the last year I have spoken with a number of our insureds from a range of professions including insurance brokers. These conversations have related to claims and pretty much all of the…read more →
Do Insurance Brokers need a PI Policy that gives COVID-19 Cover? The FCA position is clear: brokers need cover in respect of claims for which a firm may be liable as a result of the conduct of itself, its employees and its appointed representatives. In almost all cases this means that brokers should not have an exclusion for claims relating…read more →
The easy answer to the question is probably no, but as we all know you need a PI policy that covers you for the advice you give your clients to be FCA compliant. In these COVID-19 times it is not easy to get the right product. Having a quality PI policy in place is a necessity and can be the…read more →
The PI market has hardened for all but especially for insurance brokers. At Manchester Underwriting Management we have a PI product for brokers that provides support for our insureds, not just on claims but also for those other problems where our insureds want some help. Our product has broad cover that can even include COVID-19 and for BIBA members we…read more →
The insurance industry is very adept at creating complex methods of dealing with risk but, as is often the case in life, if you go back to basics it’s really quite simple. Whatever product an insurer decides to underwrite they need to create a pot to pay for the claims and the costs of writing the business. The number of…read more →
Covid-19 has impacted the UK in many ways. The topic of insurance has made its way into the national media and not in a good way. Much of this is the issue around the cover being provided for business interruption. Insurers never intended to cover a pandemic but loosely worded policies led to a court case that was fast tracked…read more →
The PI market is hardening and it will only get harder as we head towards the end of the year and into 2021. Obtaining cover for many professions is proving challenging and, for some customers, it might be impossible to get cover at all. Brokers’ own E&O is proving very tough. COVID-19 has led to something of a ‘lockdown’ for…read more →
I am sure there are some brokers longing for the calmer days of the PI soft market, which began coming to an end in 2018. Since mid-2018, the PI market has hardened, more so for construction professions and less so for accountants and insurance brokers although rate rises had begun to gain some momentum in Q1 of 2020. But COVID-19…read more →