Coral Insurance, which is backed by BHL UK whose portfolio includes Minster Law and Compare the Market, has launched as a wholesale provider of legal expenses insurance to insurers, MGAs and brokers, backed by A-rated capacity from Allianz and supporting capacity from other providers. Coral aims to capture 15% of the LEI market in the next three years.

Will Price, director of LEI at Coral, said: “The FCA has made clear that ancillary insurance products which are sold but not used aren’t fit for purpose, and LEI can fall into that trap. It’s wrong-headed to make and sell products that are under-utilised and ignore the needs of so many customers.”

“The Government’s civil justice reforms, cuts to legal aid and inflating claims costs have created the need for big changes in the LEI market but providers don’t seem to be willing or able to step up to the challenge, until now.”

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