Risk Bulletin Spring Edition

Aon Professional Services bring to your inbox, the latest insurance and risk sector news, up and coming Aon client events, new team members and the latest hot topics within the insurance industry.

Managing Financial & Employee Risks In The Legal Sector

As featured in the Legal Business magazine article ‘Managing financial and employee risks in the legal sector’, Giles Bentley, Managing Director and Head of Professions shares his insights on some of the biggest financial and employee risk questions facing law firms in today’s market.

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UK Client Brexit Update

This update provides a sharp and focussed overview of some relevant topics you will need to consider regarding the UK’s departure from the EU, including:

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Unlocking Real Estate Transactions

By The Real Estate Practice Group, Aon

The Cass Commercial Real Estate Lending Survey to year-end 2018 (issued 30th April 2019) reported that lending in respect of UK commercial real estate has an average loan size of between £25m and £74m per loan over the last 20 years. It notes that “the largest loans reached £100m to £200m, with some loans in excess of £200m”.

A problem faced by law firms of all sizes when dealing with such significant real estate transactions is the reliance provided to the client, which can have a significant impact on your professional indemnity insurance programme. When faced with an acquisition or refinancing where the client or lender requires a large cap (or sometimes no cap at all) on your liability to them in respect of your due diligence, the value of the transaction – be it a corporate or an asset deal – can often outstrip the level of professional indemnity (PI) coverage typically carried by the firm.

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London Hardening Market

By Andrew Roast, Executive Director, Commercial Risk Solutions, Aon

The insurance market for Solicitors Professional Indemnity (PI) is shaped by the general insurance market broadly and by the results within the Solicitors PI market more specifically.

2018 was a year of change for the Insurance market. Two consecutive years of above average Natural Catastrophe losses in 2017 and 2018 led to most Insurance Companies generating poor results. This has caused insurers and their regulators to take a close look at all classes and where they have identified consistent poor performance, action plans to return these classes to profitability have been implemented.

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HR In Law

The biennial HR in Law and Aon Employee Benefits Survey takes a comprehensive view of benefits provision in the legal sector, across all areas of health and wellbeing, financial education, pensions, voluntary benefits, agile working and more.

The survey has been running with HR in Law since 2009. We break down the data to give you specific details on how both UK firms and US firms with UK offices are handling their benefits.

Our research findings can help law firms to measure the competitiveness of their benefits and identify trends in what is offered to both professional and support staff. The data can also be valuable in helping firms to shape and develop their benefit programmes.

Download the report from Aon here >

Welcome To The Team: Rachel Stephens

I started my insurance career at Towergate in 2009, placing new business risks for SME clients, which included commercial general insurances, tradesman liability policies and Professional Indemnity. I joined Aon in August 2011, within the Professional Services Group, Affinity as an office-based client manager initially handling general insurances for professional firms. In 2013 I progressed to a Senior Account Manager role, and serviced law firms for all their insurance needs for 4 – 10 Partner size firms. In January 2019 I joined Aon’s Commercial Risk Solutions as a Client Manager, and currently deal with Professional Indemnity for professional firms. My main responsibilities are to arrange Professional Indemnity insurance for solicitors and accountants.

Outside of work I enjoy dining out, city breaks, exercise and I am a bit of a crazy cat lady!

Solicitors Professional Indemnity Insurance 2019 Market Update

On the face of it, it seems a simple equation; your firm hasn’t made any claims, and your work hasn’t changed since last year so surely your insurance premium should, at the very least, be the same. In an ideal world, intuitively, that’s what would happen, but unfortunately, we don’t live in an ideal world. So what drives fluctuations in insurance premiums and why is the Professional Indemnity (PI) market particularly affected at the moment?

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Insuring Unoccupied Properties In Probate?

Are you concerned about insuring properties while going through probate? If so, you may find the below of interest…

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