The final remaining unrated professional indemnity insurer has been ordered to stop writing any new business after suffering a financial collapse.
The Gibraltar Financial Services Commission said today it has intervened in the operations of Enterprise Insurance Company PLC after being informed that the business was insolvent and unable to secure additional funding.
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Enterprise was an important partner for many small and medium-sized law firms and was the last unrated firm to offer insurance to the solicitors indemnity market.
In a statement, Enterprise said it was committed to keeping its policyholders informed. The Solicitors Regulation Authority said that currently policies remain valid.
The Gibraltar Financial Serv…
Read the full article at: http://www.lawgazette.co.uk/practice/gibraltar-based-pii-insurer-heads-for-liquidation/5056823.fullarticle