A new underwriter backed by global insurance giant Munich Re has announced it will enter the solicitors’ insurance market this year.
Pelican Underwriting Management Ltd will offer £5m limits and initially target firms with one to five partners with a specialism in a particular type of work.
The company will offer insurance products backed by Great Lakes Reinsurance (UK) PLC, a wholly owned subsidiary of the leading global reinsurer Munich Re, allowing Pelican to provide clients with AA-rated cover.
Meanwhile, the Gazette understands two further new entrants will announce their arrival on the solicitors’ market, both with at least an A rating, as insurers capitalise on increased stability that has been a feature of the market in recent years.
Pelican has been jointly founded by Paul Cusition and Jay Bowey (pictured), both formerly with Travelers and Sun Alliance (now RSA) and they have both worked in the solicitors’ PII market.
Bowey said: ‘The Pelican team has a wealth of experience and a deep understanding of the UK solicitors’ PI market. With our launch we are able to offer a new bespoke long-term insurance solution for our clients.’
Cusiton added that the firm will offer ‘stability and commitment’ to the market and aims to build long-term relationships with solicitor clients before growing market share.
The PII market remained fragmented last year, with 32 participating insurers, compared with 26 in 2013/14.
Just two insurers, QBE Insurance (Europe) Limited and Travelers Insurance Co Ltd, had more than 10% of market share.