Leading after the event (ATE) insurance provider, Litica, has announced recently passing the significant milestone of insuring £750million of exposure across its book of litigation-based insurance. This announcement comes shortly after the news that Litica has exclusively provided the capacity for a new fund launched by Australian listed funder Omni Bridgeway, arranged by Aon.
Having entered the market back in May 2019 with the backing of just one insurer, Litica now has access to market leading insurance capacity (circa £23 million per individual risk, rising significantly when insuring wrappers) across ten company and Lloyd’s markets. This substantial backing has been essential in an ATE market where large value litigation in the UK is on an upwards trajectory.
Since it’s inception, Litica has insured many of the leading cases in the Competition Appeal Tribunal, the securities class action space and the general commercial litigation arena.
The UK alone is not the only focus for Litica. Earlier this year, Litica was delighted to appoint Phillip Lomax as Managing Director of Litica Australia. The Australian market has been in desperate need of a competitive ATE insurance market for a number of years and notable growth is expected.
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 I look forward to seeing how this develops over the coming years.”
