AmTrust has become one of the latest professional indemnity insurers to impose case limits for defined benefit transfer advice, Money Marketing understands.
Additional premiums are required to increase the cap put on DB transfers, advisers tell Money Marketing.
All firms must now have some limit or other with regard to DB transfer business to ensure cover with AmTrust, Money Marketing understands, even if they illustrate competence through efforts like the Personal Finance Society’s DB transfer Gold Standard.
Money Marketing first heard adviser complaints of difficulties securing policies with AmTrust last year, when the insurer confirmed it would “ask for additional information” due to the high-risk nature of DB transfers, but would continue to provide cover.
Amtrust was previously part of a panel that insured Sesame, but Money Marketing reported in 2017 that it was rotated off the lineup at renewal.
At the time, the company said it “remains very committed to providing insurance for professional IFAs”.
AmTrust has not responded to a request for comment.