SIF reports £20m growth in accumulated surplus

Harris, Joanne
February 2005
Lawyer;2/21/2005, Vol. 19 Issue 7, p4
Trade Publication
This article reports that the Solicitors Indemnity Fund (SIF) last week reported an increase in its accumulated surplus of more than £20m. In the last financial year, the fund's accumulated surplus, or net profit, rose from £33.6m to £55.4m. SIF, the solicitors' insurer which was owned by the Law Society, went into run-off on September 1, 2000 and now deals only with claims made against firms that ceased practising before that date. Meanwhile, an annual survey of professional indenmity cover shows that 19 per cent of solicitors' firms changed brokers when renewing cover last year, up from 9 per cent in 2003.


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