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Here come the loss adjusters: US giant to launch ABS

Crawford & Company, one of the world’s biggest firms of loss adjusters, has announced that it is setting up an alternative business structure in the UK to offer an end-to-end claims management services. Crawford – which is listed on the New York Stock Exchange – has 27 offices in this country.

June 16th, 2016 | No Comments »

Osborne: CMCs face fundamental review and fees cap

A “fundamental review” of claims management companies – along with a cap on the fees that they can charge consumers – was announced by Chancellor George Osborne in today’s Summer Budget.

July 8th, 2015 | 2 Comments »

RSA teams up with Parabis to launch alternative business structure

Insurance giant RSA, formerly Royal and Sun Alliance, has entered the legal services market by obtaining a licence for an alternative business structure in partnership with national firm Parabis. RSA Law will go live next month.

March 12th, 2015 | No Comments »

Irwin Mitchell launches IMe Law with esure

Irwin Mitchell has announced the launch of an alternative business structure (ABS) with online insurer esure, called IMe Law. The move is the latest in a series of ABS deals between insurers and law firms.

August 4th, 2014 | No Comments »

ABS joint ventures to get around referral fee ban will be fine, SRA says

Joint ventures between solicitors and insurance companies as alternative business structures which enables insurers to take in income what they would have received in referral fees will not be caught by the upcoming ban, the Solicitors Regulation Authority confirmed last week.

November 12th, 2012 | Comments Off on ABS joint ventures to get around referral fee ban will be fine, SRA says

From the referral fee frying pan into the advertising fire

We kind of all knew it anyway, but just how much money a large insurance company like the Direct Line Group makes from referral fees still took my breath away. As we reported earlier this week, the group received £110m from solicitors in the three and a half years since January 2009. Call it £30m a year and extrapolate (the group’s market share is 19% of motor and 18% of home insurance) and you are looking at around £150m a year going from the pockets of solicitors to insurance companies for the privilege of receiving cases. And that’s before the £100m or so insurers make every year from credit hire referral fees.

October 11th, 2012 | 2 Comments »

The future of PI: external investment, few CMCs and five or six major claimant firms

“Numerous” external investors will appear alongside consolidation and new structures once the “floodgates of change” hit the personal injury market next year – with just five or six claimant firms likely to dominate – an authoritative new report has predicted.

October 10th, 2012 | Comments Off on The future of PI: external investment, few CMCs and five or six major claimant firms

Survey: commercial firms eyeing up ABS opportunities, including MDPs and external cash

Creating a multi-disciplinary practice, spinning off new services and accessing external investment to finance growth are the main goals of commercial law firms considering converting to alternative business structures, a new survey has found.

June 26th, 2012 | No Comments »

SRA calls on government to provide more clarity over referral fee ban

The government needs to provide further clarity and guidance on how the ban on referral fees will operate in practice, the Solicitors Regulation Authority has warned. Issues such as the definition of a referral fee need to be resolved.

February 1st, 2012 | 2 Comments »

MPs call for wider referral fee ban and power to force data audits of law firms

The ban on referral fees should not be limited to personal injury, a committee of MPs has said. It also called for the Information Commissioner to have the power to compel audits of law firms to check for breaches of the Data Protection Act.

October 27th, 2011 | 2 Comments »