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