Professional Indemnity – discipline over volume in a selectively soft market

David Filtness, Managing Director, Professional Indemnity at Amiga Specialty, considers how the line may develop in 2026.

Professional Indemnity is entering a phase where discipline, clarity and consistency matter more than ever.

2025 was, for many, a year of transition. For us, it was about building the right foundations for a sustainable Professional Indemnity proposition. The focus was not on scale, but on defining underwriting appetite, refining product design and embedding service standards that brokers can rely on. Bringing these elements together towards the end of the year has set a clear direction for 2026.

In 2025, the Professional Indemnity market saw a notable influx of new entrants, particularly MGAs, alongside continued consolidation through broker acquisitions. While many of these businesses offer similar appetite and product structures, what ultimately differentiates one from another is their distribution model. The strength of broker relationships, combined with a genuinely service-led and responsive underwriting approach, is increasingly what sets propositions apart in a crowded and competitive market.

One of the more notable observations has been the level of broker appetite for something different. Accessibility, responsiveness and underwriting clarity are resonating more strongly than headline pricing. It reinforces a simple point: there remains strong demand for MGAs that combine technical expertise with a genuinely relationship-led approach.

Looking ahead, the opportunity in 2026 is clear. It is about becoming a trusted partner for brokers operating in the SME and lower mid-market space. That means understanding portfolios, offering continuity and making sensible, timely decisions. Growth will come from being selective and consistent across a broad range of professions, not from chasing volume.

The challenge, as always in Professional Indemnity, is balance. The market remains competitive and capacity is available, but not evenly. It is best described as selectively soft. When we talk about a selectively soft market, what we really mean is it’s soft where underwriters want it to be. Good, clean, well-understood risks are seeing strong competition and pricing pressure, but step outside of that, whether it’s complexity, claims history or exposure, and discipline quickly returns. It’s not a blanket soft market, it’s targeted. Pricing pressure exists in parts, but the market continues to reward disciplined underwriting and strong broker relationships. Growth without control is rarely sustainable in this class.

In a soft market, brokers going after new business are rubbing their hands knowing they can get submissions in front of alternative markets and create options. The reality is those alternatives should be about coverage and proposition, not just price. However, we all know that in most cases, price still gives you the best chance of winning the business, which is where the real tension in the market sits.

For MGAs, the role in this environment is pivotal. Aligning broker demand with insurer appetite requires transparency, robust governance and consistent decision-making. When done well, it creates confidence for capacity providers and certainty for brokers and their clients.

Our focus for 2026 is measured growth and consolidation. That means deepening relationships with a select group of broker partners, expanding the team at the right pace and continuing to refine the proposition. It also means enhancing the offer with practical support, such as contract risk guidance and proactive risk management, without adding unnecessary complexity.

By the end of the year, success will not simply be defined by premium. It will be reflected in the quality of the portfolio, the strength of broker relationships and the confidence of our capacity partners.

Professional Indemnity remains a class where experience, judgement and relationships count. In a market where many can participate, only those who stay disciplined, consistent and genuinely connected to their brokers will build something that lasts.