Wednesday, 30 April 2014

The Law Society's 9-Month Change of Heart

“A number of rated insurers have withdrawn from this segment and the gap has been filled by unrated insurers, some of whom enter for a few years before withdrawing or, worse, becoming insolvent. This is extremely detrimental to the profession”. Des Hudson, August 2013:

"The fact that an insurer is unrated does not of itself mean that they are risky – some well-established, trusted insurers have chosen not to seek a rating".  Des Hudson, April 2014: 

To be fair to Mr. Hudson his critical comments about unrated insurers just nine months ago coincided with the launch the Law Society "rated" PI scheme. 

Could facing facing a 20% drop in Law Society membership rolls as lender panels require firms to have 'A'-rated insurance, combined with the threat that the SRA may ban unrated insurers, have changed his thinking?

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