Ignite Specialty Risk, a provider of litigation risk insurance, has launched its Litigation Capital Protection Insurance offering in the US.
The reason for the move is driven by the need to provide assurance to litigation funders and law firms regarding their investments in litigation assets, according to Litigation Finance Journal.
This product aims to protect underlying investments, ensuring a more robust capital structure within the asset class, ultimately facilitating access to justice for claimants with meritorious disputes.
Ignite stands out among UK providers for offering a comprehensive range of litigation insurance products. Now, after achieving success in the London market, Ignite is launching its Litigation Capital Protection Insurance in the US.
The product provides a broad spectrum of insurance products tailored to the commercial litigation marketplace. With a Financial Strength Rating of A- (Excellent) from AM Best, Ignite serves clients including litigation funders, law firms, and other lenders.
It also offers peace of mind to litigation funders and law firms by safeguarding their investments across a portfolio of litigation assets. Even if the portfolio underperforms, this product ensures the protection of the underlying investment.
Byron Sumner, Ignite CEO and co-founder, stated, “Litigation Capital Protection Insurance is a relatively new concept to many funders and law firms, but it is quickly gaining popularity for its ability to protect a litigation asset portfolio investment and, as a result, facilitate a more efficient and robust capital structure within the asset class. Ignite’s US team has significant experience in the structuring of these policies, having been at the forefront of their design for several years. We are excited to bring this expertise to the US market to help litigation funders and law firms benefit from a meaningful risk-transfer in the context of litigation, and ultimately secure access to justice for claimants with meritorious disputes.”
In other news, the firm also revealed that the appointment of litigation finance expert and former litigator, Nicole Silver as Lead Underwriter and Head of US Operations.
With a 20-year track record in litigating complex disputes and a background in litigation finance, Silver brings invaluable insight to Ignite’s US operations. Her leadership is expected to drive Ignite’s success in the US market, further solidifying its position as a leading provider of litigation risk insurance.
“Not only is Nicole considered to be a highly skilled attorney, she brings along an excellent track record of success litigating complex disputes, and her work as a funder has given her an insider’s view on all aspects of litigation insurance. Her extensive expertise within the insurance, investment, and legal communities will be invaluable to Ignite in the US market, and we could not be more delighted to be launching here with Nicole leading the charge,” Summer explained.
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