View more on these topics

Chubb pulls out of adviser PII market

Professional indemnity insurance underwriter Chubb has announced it is pulling out of the IFA market.

The firm says it is withdrawing with immediate effect after concluding the adviser market was no longer profitable. It is also pulling its cover for surveyors and valuers.

The firm would not disclose how many advisers it currently provides cover for but says it would honour any agreements already in place.

A Chubb spokesman says: “Chubb can confirm it is withdrawing with immediate effect from the surveyors and valuers and IFA professional indemnity lines of business offered through its Lloyd’s Syndicate Club, Chubb 1882. From a profitability standpoint, Chubb has concluded that it is no longer viable to continue these lines of business.

“Chubb will honour any terms currently on offer to brokers on these lines of business. Chubb will no longer accept new business submissions nor will it renew existing business on these lines.”

In July last year, PI insurer Beazley pulled out of the IFA market due to increasing claims and QBE followed in December, saying the market was no longer profitable.

Earlier this year, PI brokers warned IFAs could see professional indemnity insurance costs soar due to the departure of major insurers from the IFA market and increasing claims.


Mobius to run Franklin Templeton Africa fund

Franklin Templeton is offering an Africa fund run by star emerging markets manager Mark Mobius. The offshore Templeton Africa fund has had verbal approval from Luxemburg regulator the CSSF. It will be launched as a sub-fund of its Luxemburg-registered Sicav. The fund will aim for long-term capital growth by investing in African-listed equities or companies […]

Master of Disaster

Leonard Charlton, manager of the Melchior Selected Trust European absolute return fund, has a reputation for identifying companies whose share prices are likely to fall. He has proved so adept at this during his career that colleagues have dubbed him the Master of Disaster. Despite being an unlikely moniker for a highly successful fund manager, […]

Kestrel flies with global multi-asset

Boutique firm Kestrel Investment Partners has introduced a global multi-asset fund that will use a dynamic asset allocation tool that has been developed and fine-tuned for more than 20 years.

SLI adds emerging bond team

Standard Life Investments is creating an emerging market bond team led by former Threadneedle head of emerging market debt Richard House.House will be head of emerging market debt when he joins SLI in July. Threadneedle investment specialist in emerging market fixed income Mark Baker and emerging market quant analyst Nicolas Jaquier are also joining SLI […]

Risk-free path to pensions is a myth

Robin Geffen, Fund Manager and CEO Are you taking enough risk? Robin Geffen, Founder of Neptune and Manager of the top performing Global Alpha Fund, discusses the importance of accepting enough volatility in planning for retirement. Click here to read the full article Important information Investment risks The value of an investment and any income from […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. We’re basically all PII underwriters now, thanks to the FSCS.

    Fair play to Chubb – would you insure the whims and irrational wishes of the retrospective FSA. Where they lead many will follow.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm