Twelve insurers will be contending for the £250m bean feast of solicitors' professional indemnity premiums that will be released to the open market from September 1.

The new PI market was created by the decision to scrap the solicitors' mutual fund, the Solicitor's Indemnity Fund (SIF), which previously enjoyed a monopoly to insure the first £1m of PI cover for the 15,000 law firms in England and Wales.

Six firms will be able to offer cover solely through brokers.

The St Paul has won the contract to run the Law Society's own in-house scheme, which is favourite to win the lion's share of the market. The insurers are:

(Via broker only)

  • Admiral Underwriting Agencies
  • CGU Insurance
  • Hiscox Syndicates (syndicate 33)
  • Hiscox Insurance Company
  • Royal & SunAlliance
  • The Underwriter

    (Direct)

  • Ace Underwriting (2488 at Lloyd's)
  • RE Brown & others (702 at Lloyd's)
  • Cox Syndicate management (1208)
  • Saturn Professional Risk for MMA Insurance
  • St Paul International (Law Society scheme)
  • Zurich Professional Limited