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I established my own specialist professional indemnity Lloyd’s brokerage in 2004 and built it up to a premium income of 71 million and over 1,700 individual solicitor practices as clients.
The professional indemnity insurance market is currently characterised by increased insurer appetite, broader cover availability and heightened competition on price. At first glance, this might suggest that scale is everything and that larger brokers (who have grown mainly through acquisition and consolidation in recent years) are best positioned to thrive. However, experience and market practice tell a very different and more nuanced story: one that demonstrates clearly the continued relevance, advantages and attractions of smaller specialist brokers.
The PI insurance sector has over the past decade undergone a sustained period of consolidation, with independent brokers being acquired by national and international groups, and the number of smaller firms operating with true independence falling. What has not followed however is a similar increase in new specialist independent brokers entering the market to replace them. The result is a market that is now short of and actively seeking smaller brokers with genuine independence, expertise, agility and commitment to client service.
It is this clear gap in the market that has led to the establishment of Juno Indemnity Limited. Whilst Juno is new to the market, the individuals behind it are not. We have many years of in-depth experience as professional indemnity specialists.
One of Juno’s key advantages as a smaller broker is the quality of client service that we can and are determined to deliver. This is not just an aspiration but a practical reality. Clients benefit from having a single point of contact; this ensures consistency, accountability and a more personal service and engaged relationship. In a complex area such as PI insurance, where a detailed understanding of a law firm’s practice and its history is critical, this approach sets us apart from the amorphous corporate approach taken by some larger firms - and it adds real value.
Juno’s commitment to service extends to claims. We provide in house claims support to assist clients with notifications, dealings with insurers and guidance throughout the process. For solicitors, this means access to support from knowledgeable professionals who understand both the policy framework and the pressures faced by solicitors’ firms – and we provide it at times when it’s most needed.
Insurers also recognise the importance of smaller brokers, particularly in a soft market. Many are keen to work with smaller, specialist firms, as this enables closer collaboration, more efficient communication and greater flexibility. Smaller brokers tend to engage more directly with underwriters, and to have more meaningful discussions around risk cover and pricing. This creates space to negotiate solutions that focus on the quality and cost of cover, instead of being driven purely by volume.
Juno’s proposition is further strengthened by our sister company, Juno Financial Limited, which has been operating for a year, providing premium funding. That business was established in response to feedback from brokers and clients seeking a more tailored approach to funding. Through that experience, it became increasingly clear that there was also a demand for a smaller specialist broker in the PI insurance space.
Together the two businesses sit side by side to provide a comprehensive one-stop shop. Clients can access not only specialist PI advice, but also a broad range of insurers and premium funding options. This approach simplifies the process for clients, while maintaining the personal service that is so often lost in larger organisations.
My decision to re-enter the market is a response to current conditions. Even in a soft market, expertise, relationships and service remain critical. Smaller brokers have a vital role to play, and insurers actively support their presence. I am proud to be returning to the market with a clear focus on professionalism, collaboration and delivering meaningful value to our clients.
70 Gracechurch Street
London
EC3V 0HR
Tel: 020 3968 7646
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