Insurance broker Marsh has launched a new service targeted at providing professional indemnity insurance (PII) for smaller firms.

Marsh said its service would offer two to three-partner firms exclusive access to Liberty Mutual Insurance Europe, while four to 10-partner firms would have exclusive access to XL Insurance. Both insurers are rated A (excellent) by AM Best.

A Marsh spokeswoman said: ‘Small legal practices are bracing themselves for another challenging renewal season for PII as insurers assess their risk profiles with increased rigour.

‘In contrast to many larger firms that continue to reap the benefits of benign market conditions, smaller practices face soaring premiums as insurers either withdraw or retreat from the market.

‘In response, Marsh has launched a new service designed to assist smaller practices to secure solicitors' PII cover from leading insurers at reasonable rates.’