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Insurers and brokers

Insurers and brokers

Important: Unrated Insurers

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

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

or

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

Does RICS have listed brokers?

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.

What should members ask their broker?

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.

RICS Listed Insurers

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.

RICS Listed Insurers

    • Accelerant Insurance Europe SA

    • Accelerant Insurance Limited

    • Aegis E & O Consortium 4605

    • Allianz Global Corporate & Specialty SE

    • American International Group UK Limited

    • AmTrust Europe Limited

    • Arch Insurance (UK) Limited

    • Aviva Insurance Ltd

    • AXA Insurance UK plc

    • Axis Specialty Europe SE

    • Chubb European Group SE

    • CNA Insurance Company Limited

    • Everest Insurance

    • Great Lakes Insurance SE

    • HCC International Insurance Company plc

    • HDI Global Specialty SE

    • International General Insurance Company

    • Liberty Mutual Insurance Europe SE

    • Lloyd’s Syndicate 0382 – CNA Hardy

    • Lloyd’s Syndicate 0386 – DCH

    • Lloyd’s Syndicate 1225 – Aegis

    • Lloyd’s Syndicate 1414 – Ascot

    • Lloyd’s Syndicate 1492 – Probitas

    • Lloyd’s Syndicate 1967 – WRB

    • Lloyd’s Syndicate 2012 – Arch

    • Lloyd’s Syndicate 2121 - Argenta

    • Lloyd’s Syndicate 2786 – Everest

    • Lloyd’s Syndicate 1686 – Axis

    • Lloyd’s Syndicate 4444 – Canopius

    • Lloyd’s Syndicate 2488 – Chubb Global Markets

    • Markel International Insurance Company Limited

    • QBE UK Ltd

    • Royal & Sun Alliance Insurance Plc

    • Sompo International

    • Travelers Insurance Company Ltd

    • XL Catlin Insurance Company UK Ltd

    • Zurich Insurance Plc

    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

      • Accelerant Insurance Europe SA

      • Allianz Global Corporate & Specialty AG

      • Allianz Ireland

      • Aviva Insurance Ireland DAC

      • International General Insurance Co.UK

      • Arch Insurance (EU) DAC

      • Axis Specialty Europe SE

      • Chaucer Insurance Company DAC

      • CNA Insurance Group Limited

      • Ergo Versicherung AG

      • Everest Insurance (Ireland) DAC

      • Liberty Mutual Insurance Europe SE

      • Lloyd’s Insurance Company 5386 - DCH

      • Lloyd’s Insurance Company 5334- QBE

      • Lloyd’s Insurance Company – 5348 Arch

      • Lloyd’s Insurance Company – 5358 Chubb

      • Lloyd’s Insurance Company – 5322 Aegis

      • Lloyd’s Insurance Company – 5331 Canopius

      • Lloyd’s Insurance Company – 5363 Everest

      • Lloyd’s Insurance Company – 5327 Probitas

      • RSA Luxembourg S.A

      • Sompo International

      • Tokio Marine Europe SA

      • XL Insurance Company SE

      • Zurich Insurance Plc - Ireland Branch

         

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