1 April 2024 Solicitors’ PII renewal - what's happening out there?


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It was good news for most law firms renewing their PII on 1 April. An increase in capacity and appetite in the market resulted in both more choice of insurer and more rate reductions than the profession has seen for some time.

Keep your eyes peeled for our next Market Report where we will discuss the current state of play in more depth. But here are the main points for now:


Capacity was not an issue. At Howden we were able to offer our clients exclusive access to the new Howden facility first launched in August 2023 and underwritten by A-rated Lloyd’s of London insurers. We were also one of the few brokers with direct access to another two new players who have opened their doors, namely Fortegra and Alchemy Underwriting. And, of course, we maintained our strong relationships and direct access to a wide range of other A-rated markets that have been writing solicitors’ PII for many years. This increase in capacity bodes well for firms yet to renew in 2024, and particularly for Howden clients.


Increased capacity has triggered an increase in appetite from insurers as they compete to attract or retain those firms they consider to be good risks. As we approached the 1 April renewal we saw a number of insurers relaxing restrictions on new business, with some increasing the amount of conveyancing work they were prepared to consider as a percentage of a firm’s overall gross fees. This meant an increase in the choice of insurer for more of our clients. We expect to see this continue as we move on through the year.


Predictably, the combination of increased capacity and appetite had a knock-on effect on premiums, resulting in a rate reduction for many firms, which was great news given the current economic times.

But remember every firm is unique and there are a range of factors that will always impact your premium such as areas of work, claims history and the underwriter’s view as to the adequacy of your expiring premium measured against their rating model.

Longer term policies

More insurers have again started to offer policy periods that exceed the usual 12-month period. These all but disappeared during the hard market, but started to make a comeback in October 2023. Those green shoots flourished for the 1 April renewal and 25% of our clients renewed for longer policy periods (18 months being the most common longer period taken).

We expect that there will be plenty of discussion about this option for those firms yet to renew in 2024.

Excess Layers

There was good news in the excess layer market too. This has settled from the challenges we saw during the hard market. There was plenty of capacity and appetite. Premiums were broadly stable, albeit some firms did manage to secure a reduced rate.

Premium Finance

This is one area where things were not quite as easy. Following the 1 October 2023 renewal, we reported on an increase in scrutiny being applied by premium finance providers. This continued for those firms renewing on 1 April 2024 and is a reflection of concerns regarding the financial stability of law firms in the current economic environment. Finance providers do not want to be left with a bad debt on their hands should a firm fail during the policy year.

Firms renewing during the remainder of the year need to be aware of this issue and start the financing process early. If you are required to provide more information the application process will take longer.

Are you a Howden client and yet to renew?

If your firm is yet to renew in 2024, then the above discussion should be encouraging news.

However, we still urge caution. Premiums are also impacted by the wider economic environment. Historically underwriters have experienced an increase in claims activity and firm failures (requiring them to provide 6 years’ run-off cover). While the claims backdrop is relatively benign at present, this could change and potentially impact the progress that has been made at the 1 April renewal.

We are watching this closely, and when we contact you about your next renewal you might want to talk with us about the potential to secure terms early (and whether a shortened proposal form is an option) to capitalise on the positivity coming out of the 1 April renewal period.

Not a Howden client?

You should contact us.

Complete the form below and one of our PII specialists will give you a call to discuss how we can help you.

Given our access to the market, including our exclusive facility and strong relationships with a wide range of A-rated insurers, it is an opportunity you shouldn’t ignore.

Just a few minutes for an initial chat could make a world of difference to the outcome of your next PII renewal.

Jenny Screech

Jenny Screech LLB (Hons)