We have recently been aware that unrated insurers have entered the PII market for RICS firms.
Whilst RICS recognise the difficulties in obtaining professional indemnity insurance at the current time, the RICS requires that regulated firms must obtain their PII from a listed insurer that is rated by either AM Best, with a credit rating of at least B+, or Standard & Poor, with a credit rating of at least category BBB.
RICS do not believe that insurance provided by unrated insurers is adequate and appropriate, as they have not been rated in terms of their financial strength by an international ratings agency and present a higher risk of failure, potentially leaving regulated firms uninsured and exposed to financial loss.
RICS will not accept dispensations requests for insurance provided by unrated insurers.
We have a list of insurers that's renewed annually. Each year we invite insurers to apply to be a listed insurer and, provided they meet with our criteria as detailed below, they'll be accepted.
"Listed Insurer" means an insurer who:
(a) is authorised by the Department of Trade and Industry in the United Kingdom or the Department for Enterprise and Employment in the Republic of Ireland to underwrite general liability insurance business or is in some other way recognised by the Department of Trade and Industry or the Department for Enterprise and Employment to provide professional indemnity insurance business in the United Kingdom or the Republic of Ireland respectively
is in some other way recognised by the Department of Trade and Industry or the Department for Enterprise and Employment to provide professional indemnity insurance business in the United Kingdom or the Republic of Ireland respectively
is an insurance company the head office of which is in a member state of the European Union other than the United Kingdom and which is entitled to carry on insurance business as a branch in the United Kingdom and the Republic of Ireland on the freedom to provide services basis
(b) is rated within AM Best at least B+ or Standard & Poors at least Category BBB or have specific written approval from RICS to waive the requirement; and
(c) agrees to write a policy that is no less comprehensive than the form of the RICS policy wording [subject to any derogations for firms within the Assigned Risks Pool] in force at the time when the policy of insurance is taken out; and
d) agrees to underwrite, for the period of the contract, the ARP lineslip contract terms as set out in this Prospectus for Listed Insurers and to be bound by the terms thereof for such period as may be agreed between the RICS and the Listed Insurer; and
(e) is listed by the RICS for the purposes of the Assigned Risks Pool.
RICS Listed Insurers UK
We do not have a suggested list of brokers available. However, Howden Insurance Brokers Limited are RICS’ ‘preferred’ UK Broker and will be able to assist members in exploring their PI options. If you require further assistance please call the RICS Regulation helpline on 020 7695 1670.
The Association of Insurers and Risk Managers has developed a set of questions for the buyers of insurance to use as a checklist with their broker. This is not an exhaustive list, nor will it be appropriate for all organisations, however it is a useful starting point.
The lists below details those insurers who are listed to underwrite professional indemnity insurance policies of RICS member firms in the United Kingdom and the Republic of Ireland jursidictions as from 01 April 2021.
Accelerant Insurance Limited; Accelerant Insurance Europe SA
Aegis Managing Agency Limited; Lloyd’s Syndicate 1225; and Lloyd’s Insurance Company SA – Lloyd’s Syndicate 5322
Allianz Global Corporate & Specialty SE; Allianz Insurance PLC
American International Group UK Limited
Amtrust Europe Limited
Arch Insurance (UK) Limited; Arch Underwriting at Lloyd’s Syndicate 2012;
Argenta Syndicate Management Ltd – Lloyd’s Syndicate Arg 2121 and Lloyd’s Insurance Company SA Arg 5353
Ascot – Lloyd’s Syndicate 1414
AXA Insurance UK plc
Axis Speciality Europe SE / Axis Syndicate 1686 at Lloyds
Aviva Insurance Ltd; Aviva Insurance Ireland DAC
Canopius Managing Agents; Lloyd’s Limited Syndicate 4444 & 1861; Lloyd’s Insurance Company S.A. Syndicate 5331 & 5380
Chubb European Group SE; Chubb Global Markets – Lloyd’s Syndicate 2488; Lloyd’s Insurance Company S.A. – CGM 5358
CNA Hardy; CNA Insurance Group Limited and Hardy Lloyd’s Syndicate 0382
DCH Syndicate 386 (QBE); Lloyd’s Syndicate 0386 – DCH (QBE)
Everest Lloyd’s Syndicate 2786; Everest Insurance (Ireland) DAC
Great Lakes Insurance SE, UK Branch
HCC International Insurance Company PLC
HDI Global Specialty SE UK
Hiscox Insurance Company Ltd
International General Insurance Co. UK
Liberty Mutual Insurance Europe SE
Markel International Insurance Company Limited
Probitas – Lloyd’s Syndicate 1492
QBE UK Ltd;
Royal & Sun Alliance Insurance PLC
Travelers Insurance Company Ltd
R. Berkley Syndicate Management Limited (on behalf of WRB Lloyd’s Syndicate 1967)
XL Insurance Company SE; XL Catlin Insurance Company UK Ltd; Catlin Underwriting Agencies on behalf of Lloyd’s Syndicate 2003
Zurich Insurance Plc – UK branch
Please note Allied Worldwide (AWAC) have withdrawn from the market, but have allowed a dispensation on quotes issued for business renewing up to 30/04
Accelerant Insurance Limited
AIG Europe SA
Allianz Global Corporate & Specialty AG / Allianz Ireland
Aviva Insurance Ireland DAC
Axis Specialty Europe SE
CNA Insurance Group Limited
Chaucer Insurance Company DAC
Chubb European Group SE; Lloyd’s Insurance Company S.A. – CGM 5358DCH Syndicate 5386 (LBS)
DCH Syndicate 5386 (LBS)
Ergo Versicherung AG
HDI Global SE – Ireland
International General Insurance Company (Europe) SE
Liberty Mutual Insurance Europe SE
Lloyd’s Brussels Syndicate 5348 (Arch 2012); Arch Insurance (EU) DAC
Lloyd’s Insurance Company SA Arg 5353
Lloyd’s Insurance Company SA – Syndicate 5322
Lloyd’s Insurance Company SA EVE 5363 (Everest); Everest Insurance (Ireland) DAC
Lloyd’s Insurance Company SA Neo 5357
Lloyd’s Insurance Company SA PBS 5327 (Probitas)
Lloyd's Insurance Company SAAMT 5331 (AM Trust)
QBE SA/NV Syndicate 5334 (LBS)
RSA Luxembourg S.A
Tokio Marine Europe SA
XL Insurance Company SE
Zurich Insurance Plc - Ireland Branch