Aon launches new professional indemnity facility for UK professions

Aon Risk Solutions has launched a new PI offering for traditional professions including accountants, architects, engineers, surveyors and solicitors, as well as cover for miscellaneous errors and omissions business.

The new approach sees Aon utilise a single managing general agent structure with the support of a number of Lloyd’s syndicates including Novae and Argo. The revised structure is intended to provide stability to Professions in the SME space where capacity has varied over the years.

Luke Hamm, initiatives director for Aon’s specialist professional services group, said: “The Professional indemnity market has experienced a turbulent history and we wanted to create a solution that gives clients and carriers more certainty and stability. We have worked closely with selected Lloyd’s syndicates to develop a facility that delivers a long term solution for our clients, including Solicitors in England and Wales”

Aon Benfield, the reinsurance arm of Aon plc, worked with the Aon retail team to help build a proposition that met both carrier and client needs.

Andrew Matson, managing director of Aon Benfield ReSolutions, said: “At Aon we are seeking to provide quality capacity to satisfy the needs of our client base, both insurance and reinsurance. In structuring this arrangement we looked to bring the Aon Group companies expertise together aligning new and alternative capacity to UK professions.