Two new insurers are on the brink of entering the solicitors' professional indemnity insurance market.

Speaking at the Sole Practitioners Conference in Harrogate,Prime Professions managing director Richard Brown said he was close to agreeing terms with the duo.

He could not identify the insurers for confidentiality reasons, according to the Law Society Gazette.

Brown added: "New insurers should mean reducing premiums in 2011, and the cycle should start to turn."

Topics