UK solicitors have been urged to adopt a proactive stance towards risk management by Allianz in response to increasing professional indemnity exposures.
In a speech to over 250 UK solicitors and delegates at the inaugural ‘Allianz Solicitors’ Conference’ held at the British Museum in London on June 3rd, Mark Carver, Head of Allianz Global Corporate & Specialty’s Financial Lines team, pointed out the need for solicitors to establish an active risk management strategy for their businesses.
Carver explained that “Prevention is better than cure. Professional indemnity risks are increasing across many sectors and particularly so for the legal profession. These exposures can be protected by insurance but this should not be regarded in isolation, but as part of a comprehensive strategy which addresses risk proactively. As professional indemnity insurers, what we are looking for from our clients are long-term relationships based a culture of risk awareness and management, combined with open dialogue and transparency.”
The conference was organised by Allianz Global Corporate & Specialty to mark the company’s entrance into the £226m UK Solicitors’ Indemnity insurance market. The conference was also supported by presenters from CMS Cameron McKenna, Mills & Reeve, Kennedys and Mayer Brown International. Topics ranged from ‘Recession and Risk’ to ‘Regulatory Risk for Law Firms’. Over 250 solicitors and brokers from across the country attended the day and had the opportunity to meet the team of dedicated Professional Indemnity underwriters and claims handlers.
For more information, please call Hugo Kidston.
Phone: +44 (0)20 7887 3142
Mobile: +44 (0)7881 803690
Photographs: digital images are available on request (copy attached)
Notes to editors
1. Allianz Global Corporate & Specialty is the Allianz Group’s specialist company for corporate and specialty insurance customers, within the UK and internationally. The company provides insurance and risk management consultancy across the whole spectrum of Marine, Aviation and corporate business, including Energy, Engineering, Financial Lines, Liability and Property insurance. See the Allianz Global Corporate & Specialty website http://www.agcs.allianz.com for further details.
2. Worldwide, Allianz Global Corporate & Specialty operates in over 70 countries through six major hubs: Germany, UK, North America, France, Asia Pacific & “Euro 9” (rest of Europe). It employs more than 2,400 people (over 300 in UK) and provides insurance solutions to more than half of the Fortune 500 companies, writing a total of €2.9 billion gross premium annually (2008).
3. The business has an insurer financial strength rating from Standard & Poor’s of AA (“very strong” with stable outlook, upgraded from a previous rating of AA- in 2008.).
This press release was distributed by ResponseSource Press Release Wire on behalf of Allianz Global Corporate & Specialty in the following categories: Business & Finance, Public Sector, Third Sector & Legal, for more information visit https://pressreleasewire.responsesource.com/about.