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Latest Insurance News
12.02.25
Solicitors PI : 1st April : Signs of further rating reductions
Our briefing for members of the legal profession
As we approach the first spike in Solicitors PI renewal activity for 2025, we share our thoughts on what law firms that renew their PI cover on 1st April should expect.
Whilst some qualifying insurers are still finalising their approach, making it too early to draw firm conclusions as to their underwriting appetites, there are signs of some market softening.
We expect rates to further reduce, with firms earning fees of >£10m achieving the largest rating reductions, of perhaps 7-8%. For small firms with fees of below £1m, that rating reduction is likely to be rather lower.
Although most qualifying insurers continue to cap their appetite for Conveyancing at 25-30%, there are markets that can consider up to 50%, and one or two apply no upper limit. In addition, we expect insurers to remain very wary of inadequate Risk Management, practices facing profitability challenges, and financial mis-selling.
However, the prospect of further rating reductions will come as positive news for Partners and Practice Managers, and that improved sentiment, helped by new market capacity, makes it a good opportunity to consider testing the market.
With over two decades of advising law firms on their PI arrangements, we are extremely proud to be still serving all of those practices we took on after the Solicitors Indemnity Fund went into run-off. And now part of the Ardonagh group, Cox Mahon Ltd has exceptional market access to participating insurers.
So, whether that’s some discreet benchmarking, a full market review, or simply a candid second opinion, we would be very pleased to hear from you.
Article provided by Andrew Kenyon, Director, Cox Mahon
About Cox Mahon
Cox Mahon Ltd is a specialist PI insurance broker with over 20 years of experience placing cover for law firms of all sizes—from sole practitioners to multi-partner firms, and from general practices to boutique specialists. We also advise on new start-ups, mergers, acquisitions, and closures, while maintaining strong, long-term relationships with underwriters and ensuring access to the widest possible market.