Syndicate Views

View from the Syndicate: A.G.Dore & Others (Syndicate 2526)

October 2008

A.G. Dore & Others provides 100% backing to the professional indemnity account. The following extract provides an insight into their current performance and opinion of the London marketplace from their Lloyd’s viewpoint.

Although the market remains competitive, the Syndicate continues to write a diverse and profitable account in line with budget aspirations. We have now closed our 2005 year of account at Lloyd’s and as a dedicated Professional Liability Syndicate, this makes us the most profitable of its kind within the Lloyd’s market. Our 2007 net written premium income is £28M (circa 25% written via the Service Company), and we will expect to write a similar figure this year.

Although we are delighted with the 2005 result, we cannot rest on our laurels, and since then the market has obviously seen a growth in capacity and thus competition in the PI sector. In addition, the London Wholesale small business model is changing and a “one fits all” style approach is being adopted by some of the larger Lloyd’s brokers.

The signs are that the market will not turn over night, (albeit certain classes are finally seeing some rate increases) and we are striving continually to evolve and develop to ensure that aspirations continue to be met.

We continue to sell the importance of factors such as ability to move quickly on products, initiatives and to ensure that there is always direct access to experienced decision makers at Syndicate level. We continue to write all the traditional areas of PI, but would stress a strong and growing reputation for product range in areas where risks are perceived to be in more “emotively” exposed areas. In many such cases the exposures are better managed than by policyholders in lesser perceived areas of risk because they have to be.

Claims Handling & Risk Management

The Syndicate prides itself on its proactive approach to the handling of claims and potential claim situations. We recognize that disputes can have much more than a direct financial impact on our policyholders, and that issues such as professional reputation and the maintenance of on‐going commercial relationships should be taken into account.

Australasia

The Syndicate is committed to the Australian marketplace and values its partnership with the team at London Australia Underwriting who we support on an exclusive basis.


Warren Jones is Professional Indemnity Underwriter & Service Company Manager at A.G Dore & Others (Syndicate 2526)

 

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