In 2022, the Lawyers’ Professional Liability (LPL) market showed signs of stabilization and improvement, a trend which has continued for renewals in early 2023. New entrants to the LPL marketplace, particularly in the small to mid-sized LPL segment, have provided the additional capacity needed to create competition and temper the rate ambitions of incumbent insurers. From an insurance buyer’s perspective, the marketplace is robust, competitive, and more stable than it has been for years.
Our year-end 2022 review of the LPL marketplace and forecast for 2023 includes feedback received from our annual survey of some of the key LPL Underwriters in the segment.
Lemme, a Division of EPIC (“Lemme”), has provided the legal profession with specialized insurance brokerage and consulting services since 1998. Our experienced brokers work with clients to understand their business, assess needs, and develop solutions using our integrated approach to service. Lemme approaches each opportunity with integrity, transparency, and full accountability to our clients. We are honored to have built long-term relationships with clients ranging in size from top 200 law firms to mid-size boutique firms specializing in complex practices throughout the United States. Working with clients across the full spectrum of service offerings, specialty niches, and overall risk profiles gives us a unique perspective to negotiate competitively priced insurance solutions, best practices advice, and valuable market insight. Moreover, this knowledge allows us to build enhanced policy wordings, program structures, and risk management to achieve the best overall results for our clients.