The London PII market offers clear advantages to law firms, especially those taking a proactive approach. The opportunity is not just about lower costs. It is about better control, greater flexibility and future-proofed cover that reflects how your firm operates today.
This article explores how a well-structured placement, informed by specialist insight and market-tested strategy, can turn shifting market conditions to your advantage.
Between 2018 and 2022, the PII market experienced a hard market cycle, marked by rate increases and capacity contraction. Lloyd’s Decile 10 review led to aggressive remediation, particularly in International PI, forcing up premiums and driving tighter underwriting controls.
That cycle has now turned. Insurers have returned to the market with ambitious growth targets, often exceeding 10% in Gross Written Premium, and new entrants are actively competing for law firm risks. Premiums have dropped significantly, in many cases back to pre-2019 levels, and underwriting appetite has widened.
For firms prepared to re-engage with their placement strategy, this should serve as a renewed and tangible window to:
However, doing so requires more than renewing ‘as is’. Without a broker actively engaging the full market, testing programme design and challenging assumptions, much of this opportunity can be lost.
We approach every insurance programme strategically and on its own merits, that should evolve with your firm’s growth, the market environment and shifting insurer appetite. For primary layers, our focus is on:
No two firms are the same. We tailor every placement using data led insights and ongoing market testing to ensure your cover fits your risk profile and landscape. We supplement this approach with our knowledge, experience and market relationships in order to deliver a bespoke solution.
In many cases, firms also require cover well above the SRA mandated minimums. That is where a more flexible excess layer strategy becomes essential.
For law firms requiring higher limits of indemnity, Willis offers ProXS, a proprietary facility designed to simplify and accelerate access to excess layer capacity between GBP 10m and GBP 50m.
Key features of ProXS include:
ProXS is not mandatory. We benchmark it against the open market on every placement to confirm its value, ensuring transparency and confidence in the solution chosen.
In today’s environment, firms should also expect:
These terms are increasingly accessible, but a prudent broker must actively negotiate and match to the specific risk priorities of the firm in question.
Underwriting focus continues to evolve. Insurers are taking a closer interest in:
Firms that demonstrate maturity in these areas are likely to be viewed more favourably by the market and access better terms as a result.
We bring structure, insight and flexibility to every PII placement. Our strategy is built around:
This is not about quick fixes. It is about delivering performance, stability and long-term value from your insurance programme.
We offer a no obligation Premium Efficiency Health Check, a straightforward way to assess whether your current programme is fit for purpose or if better options exist. Let us start a conversation.
