Premium finance house Singer & Friedlander has formed a partnership with broking house Heath Lambert to acquire a share of the expanding professional indemnity market for solicitors.
The alliance predates the loss of the Solicitors' Indemnity Fund's monopoly position over the provision of the profession's PI cover.
After September 1, solicitors will be able to buy PI cover from a panel of recommended insurers or from SIF's replacement, the Managing General Agency.
The premium finance house intends to capitalise on this change by setting up a funding facility for PI insurance providers Heath Lambert, the world's sixth largest insurance brokers.
Tony Worthy, managing director of Singer & Friedlander, said the scheme will allow lawyers to spread the cost of PI premiums, thereby removing the ‘sting' of an annual lump sum.
Kevin Culliney, executive director of Heath Lambert, said the funding facility should provide a greater level of flexibility for customers.
Heath Lambert was created from the merger of Lambert Fenchurch and Heath last December.