The Law Society is finalising a list of at least ten approved insurers and brokers which will provide professional indemnity cover for solicitors.

The move follows the professional body's decision to scrap its mutual insurance scheme, the Solicitors Indemnity Fund, which had a monopoly on the first £1m of cover.

A spokesman for the Law Society said the panel will be appointed in April, and will include direct and indirect insurers and brokers.

Analysts expect the new PI market to attract specialist Lloyd's carriers such as RE Brown and Alexander Forbes, rather than the composites.

From September 1, around 15,000 solicitors' firms will be able to buy indemnity cover on the open market.