At this time of year the Norwich Union Professional Risks team are gearing up for the 2007 solicitors' renewal season.

The Law Society stipulates that it is compulsory for every solicitor in England and Wales to purchase professional indemnity insurance if they want to practice as a solicitor.

It just so happens that they all will renew on 1st October - that's approximately 8,000 firms trying to get the best deal on their Professional Indemnity (PI) insurance during the months of August and September. As a result this is a very busy time for our PI underwriters and their brokers.

The solicitors PI market is complex and volatile and our account must be managed carefully if profitability is to be maintained. Rates have steadily reduced over the past few years while solicitors' annual fee income (a principal exposure factor) has increased at above the rate of inflation and some claim trends are giving cause for concern.

Norwich Union has a target market of firms with 4 to 25 partners. This focussed approach means that

• we work in partnership with specified brokers to maximise both our renewal retention and new business conversion.
• we identify the best opportunity to pick up a piece of quality business and make sure that where we see submissions on the same risk we pick a winner.
• we are prepared to walk away from badly performing risks.

This strategy ensures that the volume of non-target risks we see is reduced and we can concentrate on providing a better level of service to those brokers who mean business.

There will be limited opportunities for new business this year, therefore the earlier these opportunities are identified, the more likely we'll be in a position to assist.

If you have any risks that meet the target profile please speak to either

• Caren Barnett, Business Manager on 01382 596321 (07800690318 - Mobile)

Or

• Roger Wallace, Development Manager on 01382 596320 ( 07800690319- Mobile)

as soon as possible to discuss your needs and how the Professional Risks Team can help you.

Published: 09/07/2007