Top UK law firm insurer gives up

The company is not the only law firm insurer to pull out this month

Top UK law firm insurer gives up

A major professional indemnity insurance underwriter in the UK is quitting the market, leaving some law firms a tight deadline to find another insurer.

The Law Society Gazette said that Libra Managers, which insures 20 of the 200 largest law firms in the UK, will not underwrite any new business from 1 October. Of the 20, ten have 1 October as their renewal date, which means they will have to find a new insurer in just six weeks.

Libra provides professional indemnity insurance underwriter at Lloyd’s of London, which recently launched a review of the business after a £2bn loss. Libra is run by Tindall Riley & Co Limited, an established group of managers established in 1855.

“After careful consideration, Libra has concluded that current market conditions are not compatible with sustainable and responsible underwriting,” Libra said.

The company is not the only law firm insurer with links to Lloyd’s to pull out this month. Aspen Insurance UK said on 1 August that the international professional indemnity insurance business had “disappointed,” leading the firm to discontinue underwriting the book.


Related stories:
These contract law issues are dominating lawyers’ time
The benefits of strategic thinking in legal careers


Recent articles & video

New metric developed to assess socioeconomic challenges of US law school applicants

American Bar Association to examine accreditation standards for online law schools

International law firm to fund neurodiversity assessments and support for employees

Yoorrook Justice Commission CEO is new Human Rights Commission president

Victorian, Queensland Supreme Courts publish guidelines for AI use

MinterEllison expands consulting team with seven partners

Most Read Articles

NSW Supreme Court sets trial date for landmark strip search class action

K&L Gates Advises Centuria on acquisition of massive glasshouse in Victoria

Hall & Wilcox assists Tobii Dynavox to acquire Link Assistive for $13m

Pearce IP's AU litigation head shares the most important lesson she learned from her old job