First Title Enters PII Market
28 July 2011
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First Title Insurance plc, the leading provider of legal indemnities in the UK and Ireland with A- ratings* from AM Best and Fitch, has joined forces with underwriter, Ink Underwriting Agencies Limited ("ink insurance"), to offer professional indemnity insurance to law firms, for the first time.
The move follows First Title's careful assessment of the PII market and builds on the firm's long-standing expertise and position as the market-leader in conveyancing risk mitigation.
"We've been watching the situation very closely over the last few years and believe that now is a good time for us to enter the market with confidence. This new policy fits with our overall strategy to help address the issue of conveyancing risk, both for consumers and solicitors. It is a perfect opportunity for us to invest in the PII market," said John Maidens, CEO of First Title Insurance plc.
The new policy will be targeted at high-street law firms with up to 10 partners, which specialise in the provision of high quality, best practice conveyancing services. It has been developed collaboratively drawing on ink's renowned underwriting skills in complex areas of insurance.
Mark Addis, Managing Director of ink insurance commented: "We are delighted to be involved in this initiative which aims to broaden the PII options currently available. It is an exciting collaboration of leading firms with complementary skills and expertise."
Solicitors who are already familiar with First Title's innovative Home Owners' Protection Policy® - designed to help home-buyers mitigate both known and unknown conveyancing risks - may find the new PI policy particularly resonant, given that the majority of PI claims are conveyancing related.
"Despite the efforts of the SRA and the Law Society, PII premiums remain staggeringly high. We believe that the more conveyancing risk can be reduced, the greater the likelihood of PII premiums also being brought down. This would help to stabilise the PII market and make life more comfortable for hundreds of high-street firms," concluded Maidens.
*As of July 2011. For the latest rating, access www.ambest.com or www.fitchratings.com.
Notes to editors
First Title
First Title Insurance plc offers expert risk management solutions and specialises in the provision of legal indemnity insurance to solicitors and property professionals involved in residential and commercial real estate transactions. With a successful 20-year track record in the UK, First Title has in-depth knowledge of the risk management market and emerging trends and issues. First Title Insurance plc is a wholly owned subsidiary of the First American Financial Corporation which includes the First Title Limited group of companies which provides a wide range of processing, conveyancing and property services.
For First Title's latest rating, access www.ambest.com
First Title policy advisory note
This material is intended to provide general information only. For specific coverage and exclusions, refer to the relevant policy wording.
Ink Underwriting Agencies Ltd
ink insurance was founded in 1995 as Ink Underwriting, a Managing General Agency (MGA), initially focused on the printing industry. ink insurance has grown to become a wholesale business that currently controls over £100m of premium income. Today, ink insurance is one of the leading specialists in the provision of underwriting services to the broker market.