Important: Unrated Insurers
We have recently been aware that unrated insurers have entered the PII market for RICS firms.
Whilst RICS recognise the difficulties in obtaining professional indemnity insurance at the current time, the RICS requires that regulated firms must obtain their PII from a listed insurer that is rated by either AM Best, with a credit rating of at least B+, or Standard & Poor, with a credit rating of at least category BBB.
RICS do not believe that insurance provided by unrated insurers is adequate and appropriate, as they have not been rated in terms of their financial strength by an international ratings agency and present a higher risk of failure, potentially leaving regulated firms uninsured and exposed to financial loss.
RICS will not accept dispensations requests for insurance provided by unrated insurers.
We have a list of insurers that's renewed annually. Each year we invite insurers to apply to be a listed insurer and, provided they meet with our criteria as detailed below, they'll be accepted.
"Listed Insurer" means an insurer who:
(a) is authorised by the Department of Trade and Industry in the United Kingdom or the Department for Enterprise and Employment in the Republic of Ireland to underwrite general liability insurance business or is in some other way recognised by the Department of Trade and Industry or the Department for Enterprise and Employment to provide professional indemnity insurance business in the United Kingdom or the Republic of Ireland respectively
or
is in some other way recognised by the Department of Trade and Industry or the Department for Enterprise and Employment to provide professional indemnity insurance business in the United Kingdom or the Republic of Ireland respectively
or
is an insurance company the head office of which is in a member state of the European Union other than the United Kingdom and which is entitled to carry on insurance business as a branch in the United Kingdom and the Republic of Ireland on the freedom to provide services basis
(b) is rated within AM Best at least B+ or Standard & Poors at least Category BBB or have specific written approval from RICS to waive the requirement; and
(c) agrees to write a policy that is no less comprehensive than the form of the RICS policy wording [subject to any derogations for firms within the Assigned Risks Pool] in force at the time when the policy of insurance is taken out; and
d) agrees to underwrite, for the period of the contract, the ARP lineslip contract terms as set out in this Prospectus for Listed Insurers and to be bound by the terms thereof for such period as may be agreed between the RICS and the Listed Insurer; and
(e) is listed by the RICS for the purposes of the Assigned Risks Pool.
RICS Listed Insurers UK
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Published date: 31 March 2021
Published date: 28 May 2021
Published date: 28 May 2021
RICS Listed Insurers
The lists below details those insurers who are listed to underwrite professional indemnity insurance policies of RICS member firms in the United Kingdom and the Republic of Ireland jursidictions as from 1 January 2023.
RICS Listed Insurers
Group |
Insurer |
Accelerant |
Accelerant Insurance Europe SA |
Accredited |
Accredited Insurance (Europe) Limited - UK Branch |
Accredited Insurance (Europe) Limited |
|
Aegis |
Aegis Managing Agency Limited - Lloyd's Syndicate 1225 |
Lloyd's Insurance Company SA - Syndicate 5322 |
|
Lloyd’s Consortium 4894 - Aegis E & O Consortium |
|
AIG |
American international Group UK Limited |
Allianz |
Allianz Global corporate & Speciality SE; |
Allianz insurance PLC |
|
Am Trust |
AmTrust Europe Ltd |
Arch |
Arch Underwriting at Lloyd's Limited Syndicate 2012 |
Arch Underwriting at Lloyd's Limited Syndicate 1955 |
|
Arch Insurance (UK) Limited |
|
Lloyd's Insurance Company SA - Syndicate 5339 |
|
Lloyd's Insurance Company SA - Syndicate 5348 |
|
Argenta |
Argenta Syndicate Management Ltd - Syndicate Arg 2121 |
Lloyd's Insurance Company SA Arg 5353 |
|
Ascot |
Ascot - Syndicate 1414 |
Ascot - LBS 5325 |
|
Aviva |
Aviva Insurance Ltd |
AWAC |
Allied World Assurance Company (Europe) dac |
Allied World syndicate 2786 at Lloyds |
|
AXA |
AXA XL Insurance Company UK Limited (AXICL UK) |
XL Insurance Company SE (XLICSE) |
|
AXA Insurance UK plc |
|
XL Lloyd's Syndicate 2003 |
|
Lloyd's Insurance Company SA 5345 |
|
Axis |
Axis Specialty Europe SE |
Axis Syndicate 1686 at Lloyds |
|
Berkshire Hathaway |
Berkshire Hathaway International Insurance Limited |
Berkshire Hathaway European Insurance DAC |
|
Bridgehaven |
Bridgehaven Specialty UK Ltd |
Canopius |
Canopius Managing Agents Limited Syndicate 4444 |
Lloyd's Insurance Company S.A. Syndicate 5380 |
|
| Carbon |
Carbon Underwriting Limited - Lloyd's Syndicate CBN 4747 |
Chubb |
Chubb European Group SE; |
Chubb Global Markets - Lloyd's Syndicate 2488 |
|
Lloyd's Insurance Company S.A. - CGM 5358 |
|
CNA |
CNA Insurance Group Limited |
Hardy syndicate 382 at Lloyds |
|
Everest |
Everest syndicate 2786 at Lloyds |
Everest Insurance (Ireland) DAC |
|
Flux |
Flux syndicate (1985) |
Great Lakes (Munich Re.) |
Great Lakes Insurance UK Ltd |
Munich Re Syndicate Limited |
|
HCC |
HCC International Insurance Company Plc |
HCC Lloyd's syndicate 4141 |
|
Tokio Marine Europe SA |
|
HDI |
HDI Global Specialty SE - UK |
Hiscox |
Hiscox Insurance Company Ltd |
IGI |
International General Insurance Co.UK |
Liberty |
Liberty Mutual Insurance Europe SE (UK) |
Liberty Mutual Insurance Europe SE |
|
Markel |
Markel International Insurance Company Limited |
Probitas |
Probitas Syndicate1492 at Lloyd's |
QBE |
QBE UK Ltd |
Lloyd’s Syndicate 1886 QBE |
|
QBE SA/NV Syndicate 5334 (LBS) |
|
DCH Syndicate 386 (QBE); |
|
Syndicate 5386 LBS (QBE); |
|
RSA |
Royal & Sun Alliance Insurance Ltd |
Sirius |
SiriusPoint International Insurance Corporation UK |
Sompo |
Sompo International (Endurance Worldwide Insurance Limited) |
Travelers |
Travelers Insurance Company Limited |
WRB |
W.R. Berkley Syndicate Management Limited on behalf of WRB Syndicate 1967 at Lloyds |
Zurich |
Zurich Insurance Plc - UK Branch |
Group |
Insurer |
Accelerant |
Accelerant Insurance Europe SA |
Accredited |
Accredited Insurance (Europe) Limited |
Aegis |
Lloyd's Insurance Company SA - Syndicate 5322 |
Allianz |
Allianz Global corporate & Speciality SE; |
Allianz Ireland |
|
Arch |
Lloyd's Brussels Syndicate 5348 (Arch 2012) |
Arch Insurance (EU) DAC |
|
Argenta |
Lloyd's Insurance Company SA Arg 5353 |
Ascot |
Ascot - LBS 5325 |
Aspen |
Lloyd's Insurance Company SA ASP 5383 (Aspen) |
Aviva |
Aviva Insurance Ireland DAC |
AXA |
XL Insurance Company SE (XLICSE) |
Axis |
Axis Specialty Europe SE |
Berkshire Hathaway |
Berkshire Hathaway European Insurance DAC |
Canopius |
Lloyd's Insurance Company S.A. Syndicate 5380 |
Chaucer |
Chaucer Insurance Company DAC |
Chubb |
Chubb European Group SE; |
Lloyd's Insurance Company S.A. - CGM 5358 |
|
CNA |
CNA Insurance Group Limited |
Ergo |
Ergo Versicherung AG |
Everest |
Lloyd’s Insurance Company SA EVE 5363 (Everest) |
Everest Insurance (Ireland) DAC |
|
HCC |
Tokio Marine Europe SA |
Hiscox |
Hiscox SA |
IGI |
International General Insurance Co.UK |
Liberty |
Liberty Mutual Insurance Europe SE |
Probitas |
Lloyd's Insurance Company SA PBS 5327 (Probitas) |
QBE |
QBE SA/NV Syndicate 5334 (LBS), |
Syndicate 5386 LBS (QBE); |
|
RSA |
RSA Luxembourg S.A |
Sompo |
Sompo International (Endurance Worldwide Insurance Limited) |
Zurich |
Zurich Insurance plc |