Clarification of Our Approach to Broker Exclusivity for PI Quotations

Over recent months, we have reviewed a number of different approaches to broker exclusivity for PI quotations. Following feedback from brokers and our own experience, we want to clarify our current position so that expectations are clear for everyone.

Our Approach to Broker Exclusivity

With immediate effect, we will operate on a first come, first served basis for PI quotations.

Where a broker submits a complete and up-to-date presentation, we will ordinarily work exclusively with that broker on the opportunity, provided the following criteria are met:

• Complete submissions: We must have received a current and complete presentation containing sufficient information for our underwriters to assess the risk and provide terms. We will not reserve or ‘log’ risks against a broker’s account while awaiting a full submission.
• Active client engagement: The broker must be able to demonstrate that they are actively engaged with the client and have a genuine opportunity to place the business.

This approach is designed to recognise and support brokers who have invested time in developing an opportunity, while giving everyone the best possible chance of securing the business.

When Might We Consider a Subsequent Broker?

While our intention is to provide exclusivity to the first broker who meets the above criteria, we recognise that there may be circumstances where engaging with a subsequent broker is appropriate.

These would generally be situations where doing so could materially improve the likelihood of securing the risk, including:

• A stronger submission: Where a subsequent broker provides a significantly more detailed or complete presentation that improves our ability to assess and quote for the risk.
• An established client relationship: Where a subsequent broker can demonstrate a stronger relationship with the client, for example, as the incumbent or holding broker, and is actively involved in the placement.
• Lack of progress: Where there has been limited progress, response or meaningful engagement from the original broker.

Any such circumstances will be considered on a case-by-case basis. These are intended to be exceptions rather than the rule, and our priority remains supporting brokers who have brought genuine opportunities to us.

Working Together to Secure Business

We appreciate that our approach to broker exclusivity has evolved over recent months, and we would like to thank our brokers for their patience and feedback as we have worked towards a clearer position.

We believe this approach provides a fair and consistent framework, recognising the work brokers put into securing opportunities while allowing us to work together to maximise our chances of winning business.

If you have any questions about our approach to PI broker exclusivity or would like to discuss a particular opportunity, please get in touch with our PI team on 0333 032 5000.