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Brokers in PI crisis.
(From Insurance Day)
Byline: Liz Booth
THE collapse of Lloyd's broker Bradstock Group, which has been blamed on its inability to find affordable professional indemnity (PI) cover, is being seen as a signal of a much wider crisis for UK brokers.
Trading in the Bradstock Group was halted on Monday, after which the company announced it had applied to the courts for a provisional liquidation order.
Ernst & Young (E&Y) have been appointed provisional liquidators of Bradstock, which had recorded an operating loss of GBP823,000 ($1.36m) for the six months to March 31.
In a statement, E&Y said: "Bradstock Group has ceased trading in consequence of its inability to secure the renewal of its professional indemnity policy at an affordable premium. The provisional liquidators are having discussions with the directors in order to realise the assets of the group to best advantage."
As a Lloyd's broker, Bradstock was required to have PI cover. A spokeswoman for the British Insurance Brokers' Association (Biba) said it was still unclear why Bradstock was unable to find adequate cover, but she said it had come as a "complete shock" to the association.
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