Litica achieve £750m milestone

Leading after the event (ATE) insurance provider, Litica, has recently announced it has passed the milestone of insuring £750 million of exposure across its book of ATE insurance.

Promoted by Litica • 18 October 2022 • Big Law

Coverage has been provided for commercial litigation and arbitration in the UK, Australia, New Zealand Hong Kong and Singapore. This has been spread across a range of single claimant, class and group action proceedings and portfolio and capital protection policies.

This announcement comes shortly after the news that Litica exclusively provided the capacity for a new fund launched by Australian listed funder Omni Bridgeway, arranged by Aon. This deal saw EURO 270m coverage being provided by Litica insurers.

Having entered the market in May 2019 with GBP 1m limits per case and backed by one insurer, Litica now has access to market leading insurance capacity (around £23 million per individual risk, rising significantly with portfolio and capital protection products) across ten company and Lloyd’s markets.

This substantial backing has been essential in an ATE insurance market where large value litigation in the UK and Australia is on an upwards trajectory.

Earlier this year, Litica expanded its operations internationally and appointed Philip Lomax to head up Litica Australia, in response to strong and growing demand for the product in the region.

Litica co-founder, Steve Ruffle, remarked “we would like to place on record our thanks to the brokers, third party litigation funders and law firms that have contributed to our achievements to date. Litica is proud to be leading the way on a number of market innovations and we look forward to seeing how this develops over the coming years.”