Corporate round-up

New Marsh service aims to help small law firms obtain ‘reasonable’ PI cover

Marsh has launched a service to help small solicitor firms secure favourable professional indemnity (PI) insurance cover as they face a tough renewal season.

According to the broker small legal practices in the UK are bracing themselves for another challenging renewal season for PI cover as ‘insurers assess their risk profiles with increased rigour’.

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In contrast to many larger firms that continue to reap the benefits of benign market conditions, smaller practices face soaring premiums as insurers either withdraw or retreat from the market, explained Marsh.

Marsh’s new service is offering two to three-partner solicitor firms exclusive access to Legal & Professional Insurance, part of Liberty Mutual Insurance Europe.

It also allows four to ten-partner firms exclusive access to XL Insurance for solicitors’ PI cover.

According to the broker, this will allow smaller firms to secure the comprehensive insurance provision enjoyed by many of the 100 largest legal firms.

“PI renewals have become increasingly difficult and costly for many firms outside of the top 100,” commented Janine Parker, Head of UK Solicitors’ PI at Marsh. “Rates have continued to climb and the number of firms in the Assigned Risk Pool has risen dramatically. Many smaller firms with excellent records are experiencing real difficulty in securing PI insurance at reasonable terms.

“As the renewal date approaches, Marsh has brought together the expertise of leading solicitors’ PI insurers to offer a measured alternative to the annual scramble for insurance cover that many smaller firms endure,” she added.

As well as obtaining quotations from its panel of financially secure insurers, Marsh says its service offers a range of flexible premium payment options, claims handling by those specially trained in solicitors’ claims and accredited risk management training.

New product protects construction firms against bad weather

A new financial cover from the National Register of Warranted Builders (NRWB), a subsidiary of the Federation of Master Builders (FMB), the largest trade association in the UK construction industry, aims to protect construction firms against severe weather conditions.

All FMB members that buy the product will receive an automatic payout if they are unable to work due to severe frost or excessive rain.

The product has been developed in response to the financial losses suffered by members during recent severe weather events and especially the past two UK winters, which were among the coldest in recent history.

Building and Allied Trades Joint Industrial Council (BATJIC) guidelines suggest that when work is temporarily stopped due to adverse weather, the guaranteed payment must still be made to employees.

This can place a financial strain on construction companies, especially as they continue to suffer the effects of the economic downturn.

The cover is being offered in conjunction with weather risk management expert CelsiusPro, reinsurer Swiss Re, and Aon Benfield Securities, the investment banking subsidiary of Aon Corporation.

Having successfully launched the product in collaboration with the Dutch construction association Bouwend Nederland in October 2010, CelsiusPro is now offering the opportunity for British construction companies.

“In developing this product we listened to feedback from our members about how their businesses and finances had been affected by periods of extreme weather,” said David Hill, Director of NRWB. “It seems that the weather is becoming more unpredictable in the UK, and perhaps all over the world, and this cover helps to ease the burden of lost earnings at times when our members and their employees are unable to work due to adverse weather conditions.”

Stuart Brown, Swiss Re Head Origination APEMEA, added: “From construction to food production to power generation, the weather impacts people and business, and those who don’t have weather cover can find themselves in financial difficulty when they are unable to work for extended periods. In close collaboration with our partners, we developed this innovative solution that means all FMB members no longer have to worry about lost earnings during a disrupting weather event.”

Ace adds to UK Accident and Health team

ACE European Group Ltd has made three additions to its Accident and Health (A&H) team in the UK.

Mark Elliker is joining from Chartis to take on the role of Midlands A&H Underwriting Manager, specialising in Accident & Health protection.

Richard Clark, formerly of Marsh UK, is joining ACE as A&H Corporate Business Development Manager for London and the South East.

Peter Bremner, who joined ACE as regional EMEA Student Travel Coordinator earlier this year, will be changing roles and joining the Corporate Business Development unit for A&H in London.

Mr Elliker will be based in ACE’s Birmingham office. He has more than 20 years of underwriting experience in the A&H sector and will help to develop and underwrite new and existing accounts, focusing on the Midlands and South West region. He will report to Paul Jennings, ACE Corporate Regional Manager for the Midlands.

Mr Clark has 14 years of experience in the commercial insurance sector, with a background in underwriting, claims and business development. At Ace he will manage A&H sales and broker relationships in London and the South East.

Mr Bremner will focus on growing the business and extending ACE’s market presence and knowledge in the capital.

Both Mr Clark and Mr Bremner will report to Jon Houghton, ACE Corporate Regional Manager for London and the South East.

XL Insurance appoints Andrew Hookings as Environmental Underwriter for Australia

XL Insurance has announced the appointment of Andrew Hookings as Environmental Underwriter for Australia.

Mr Hookings has over 10 years’ insurance industry experience, most recently as Client Relationship Manager for XL Insurance in Sydney. In his new role he will focus on the growing demand for environmental insurance with particular focus on the construction industry.

Simon White, Environmental Branch Manager for XL Insurance in the UK said: “XL has a strong presence in the Australian market creating significant opportunity for growth in the region. Our clients and brokers will benefit from Andrew’s expertise and industry knowledge as we continue to expand our environmental capabilities.”

XL Insurance has offices in Sydney and Melbourne offering Property, Liability, Professional Lines, Construction, Marine, Product Contamination and Environmental insurance to medium and large local businesses.