View more on these topics

Sesame rotates PI line-up as insurer exits

Network says it has “comprehensive cover” as key insurer is understood to have moved off PI lineup

Company protection One of Sesame’s key professional indemnity insurers will no longer provide coverage to the network, Money Marketing understands. 

The network recently renewed its PI facility, which is underwritten by a panel of eight insurers and brokered by Howden.

It is understood that AmTrust previously underwrote a significant portion of Sesame’s business but will no longer provide cover.

Other insurers that remain on the panel but have reduced their coverage are understood to include Hamilton Insurance Group.

FCA chief: PI cover is not working for IFAs

A Sesame spokesman says: “The composition of the insurer panel is reviewed each year and naturally evolves in line with our requirements. The specific details are commercially confidential.

“Sesame has renewed its PI cover as usual this year and in May we wrote to our members to let them know about the comprehensive cover we have again put in place following a review of the market.”

AmTrust declined to comment on the details but said it had no plans to stop covering advice firms in the UK.

Blog: The FCA’s PI problem is in the numbers

AmTrust Europe head of professional indemnity Russell Newell says: “AmTrust Europe remain very committed to providing insurance for professional IFAs.”

Howden declined to comment.

Hamilton had not responded to a request for comment at the time of publication.

Recommended

Old-Bailey-Justice-Court-Fine-Ban-700x450.jpg
4

Burns Anderson clients lose High Court battle with PI insurer

Investors who lost more than £20m were defeated in the Commercial Court last week after their claim against their adviser’s professional indemnity insurance policy failed. The claimants were former clients of adviser Michael Royde who was an appointed representative of Burns Anderson, part of Honister Capital. The claimants were previously advised by Royde to invest in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment