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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 1 April 2022.

RICS Listed Insurers

  • Group

    Insurer

    Accelerant

    Accelerant Insurance Europe SA

    Accredited

    Accredited Insurance (Europe) Limited - UK Branch

    Accredited Insurance (Europe) Limited

    Aegis

    Aegis Managing Agency Limited - Lloyd's Syndicate 1225

    Lloyd's Insurance Company SA - Syndicate 5322

    Lloyd’s Consortium 4894 - Aegis E & O Consortium

    AIG

    American international Group UK Limited

    Allianz

    Allianz Global corporate & Speciality SE;

    Allianz insurance PLC

    Am Trust

    AmTrust Europe Ltd

    Arch

    Arch Underwriting at Lloyd's Limited Syndicate 2012

    Arch Insurance (UK) Limited

    Argenta

    Argenta Syndicate Management Ltd - Syndicate Arg 2121

    Lloyd's Insurance Company SA Arg 5353

    Ascot

    Ascot - Syndicate 1414

    Ascot - LBS 5325

    Aviva

    Aviva Insurance Ltd;

    Aviva Insurance Ireland DAC

    AWAC

    Allied World Assurance Company (Europe) dac

    AXA

    AXA XL Insurance Company UK Limited (AXICL UK)

    XL Insurance Company SE (XLICSE)

    AXA Insurance UK plc

    Axis

    Axis Specialty Europe SE

    Axis Syndicate 1686 at Lloyds

    Berkshire Hathaway

    Berkshire Hathaway International Insurance Limited 

    Berkshire Hathaway European Insurance DAC

    Canopius

    Canopius Managing Agents Limited Syndicate 4444

    Lloyd's Insurance Company S.A. Syndicate 5380

    Chubb

    Chubb European Group SE;

    Chubb Global Markets - Lloyd's Syndicate 2488

    Lloyd's Insurance Company S.A. - CGM 5358

    CNA

    CNA Insurance Group Limited

    Hardy syndicate 382 at Lloyds

    Everest

    Everest syndicate 2786 at Lloyds

    Great Lakes (Munch Re)

    Great Lakes Insurance SE, UK Branch

    HCC

    HCC International Insurance Company Plc

    HCC Lloyd's syndicate 4141

    Tokio Marine Europe SA

    HDI

    HDI Global Specialty SE - UK

    Hiscox

    Hiscox Insurance Company Ltd

    IGI

    International General Insurance Co.UK

    Liberty

    Liberty Mutual Insurance Europe SE (UK)

    Liberty Mutual Insurance Europe SE

    Markel

    Markel International Insurance Company Limited

    Probitas

    Probitas Syndicate1492 at Lloyd's

    QBE

    QBE UK Ltd

    Lloyd’s Syndicate 1886 QBE

    QBE SA/NV Syndicate 5334 (LBS)

    DCH Syndicate 386 (QBE);

    Syndicate 5386 LBS (QBE);

    RSA

    Royal & Sun Alliance Insurance Ltd

    Sirius

    SiriusPoint International Insurance Corporation UK

    Sompo

    Sompo International (Endurance Worldwide Insurance Limited)

    Travelers

    Travelers Insurance Company Limited

    WRB

    W.R. Berkley Syndicate Management Limited on behalf of WRB Syndicate 1967 at Lloyds

    Zurich

    Zurich Insurance Plc - UK Branch

     

  • Group

    Insurer

    Accelerant

    Accelerant Insurance Europe SA

    Accredited

    Accredited Insurance (Europe) Limited

    Aegis

    Lloyd's Insurance Company SA - Syndicate 5322

    Allianz

    Allianz Global corporate & Speciality SE;

    Allianz Ireland

    Arch

    Lloyd's Brussels Syndicate 5348 (Arch 2012)

    Arch Insurance (EU) DAC

    Argenta

    Lloyd's Insurance Company SA Arg 5353

    Ascot

    Ascot - LBS 5325

    Aviva

    Aviva Insurance Ireland DAC

    AXA

    XL Insurance Company SE (XLICSE)

    Axis

    Axis Specialty Europe SE

    Berkshire Hathaway

    Berkshire Hathaway European Insurance DAC

    Canopius

    Lloyd's Insurance Company S.A. Syndicate 5380

    Chaucer

    Chaucer Insurance Company DAC

    Chubb

    Chubb European Group SE;

    Lloyd's Insurance Company S.A. - CGM 5358

    CNA

    CNA Insurance Group Limited

    Ergo

    Ergo Versicherung AG

    Everest

    Lloyd’s Insurance Company SA EVE 5363 (Everest)

    Everest Insurance (Ireland) DAC

    HCC

    Tokio Marine Europe SA

    Hiscox

    Hiscox SA

    IGI

    International General Insurance Co.UK

    Liberty

    Liberty Mutual Insurance Europe SE

    Probitas

    Lloyd's Insurance Company SA PBS 5327 (Probitas)

    QBE

    QBE SA/NV Syndicate 5334 (LBS),

    Syndicate 5386 LBS (QBE);

    RSA

    RSA Luxembourg S.A

    Sompo

    Sompo International (Endurance Worldwide Insurance Limited)

Find out more about regulation