Prompt has clinched exclusive deals with both St Paul and Zurich Specialities to be the sole provider of premium financing for their solicitors' professional indemnity cover.

The two insurers are the frontrunners to grab the lion's share of the market that was created when the previous mutual fund for solicitors' PI cover worth £250m – the Solicitors Indemnity Fund – was scrapped.

St Paul, which won the right to handle the Law Society scheme, and Zurich Specialities are predicted to win more than £100m of premiums.

Prompt's success follows the launch of i-Prompt, Prompt's internet facility launched in June.

The premium finance house, a subsidiary of Close Brothers, is able to integrate with both St Paul's and Zurich's own systems to offer automatic quotes in 90% of cases.

Prompt chief executive Bob Golden said: “We are confident that our partnership with such a professional organisation sets the platform for future joint offerings.”