London, Tuesday 24 June, 2025

We’re proud to share that Litica has been top ranked Band 1 for Litigation Insurance Underwriters - 'Litigation Support' by Chambers and Partners across the UK, Australia and Europe for 2025.

A huge congratulations to Stephen Bolster ACII, Steve Ruffle, Edward Yell and Philip Lomax, who were individually top ranked for their standout work in this field.

In a fast-changing legal and funding landscape, Litica is committed to delivering clarity, certainty and deep expertise for our clients, and this ranking reflects the trust we’ve built across jurisdictions.

Special thanks to the team at Chambers & Partners, our clients, partners and peers for your continued confidence in Litica. Well done Team Litica ✨ 💫 .

Security for costs: cash deposit, bank guarantee or ATE insurance?

Security for costs applications are a familiar feature of Australian litigation – especially where a claimant is a foreign resident or a corporate which appears unable or unlikely to meet an adverse costs order.

There is no strict rule as to how security must be provided – the court has a broad discretion as to the form of security it may order. However, in Australia it is now usual for security to be provided by cash deposit, bank guarantee or ATE insurer indemnity.

Each option has its merits, but from a strategic and commercial perspective, ATE insurance is emerging as the most attractive solution in many commercial cases.

This article breaks down the key features of all three security mechanisms and explains why ATE is now seen as the best option by Australian litigators and their clients in many instances.

What is ATE insurance?

ATE (After the Event) insurance is a policy taken out after a dispute has arisen, typically before or shortly after proceedings are commenced. It insures the claimant against the risk of paying the opposing party’s legal costs if the claim is unsuccessful.

ATE insurance is also used as a form of security for costs. When the policy is endorsed by an Anti-Avoidance Endorsement (AAE indemnity), it provides the defendant with directly enforceable security for their costs up to an agreed limit – much like a bank guarantee or cash deposit. Where the policy has been issued by an Australian insurer (i.e. an insurer which is authorised under the Insurance Act 1973), the AAE indemnity can be enforced against assets in the jurisdiction. This is because such insurers are required to hold sufficient assets in Australia to meet their liabilities in Australia. This provides the type of assurance defendants or courts typically require when agreeing to or ordering security. Insurers can also provide security by issuing a separate deed of indemnity to the defendant, alongside the ATE policy.

With cash deposits, bank guarantees and ATE insurer indemnities all being accepted means of providing security for costs in Australia, how do they each compare?

Comparative analysis: ATE insurance, bank guarantee, and cash deposit

It is clear from the above table that each form of security has its own benefits and drawbacks. The suitability of each form for will of course depend on the circumstances of each client. However, for the reasons below, ATE insurance is increasingly seen as the preferred option in many commercial cases.

1. Client liquidity and risk transfer

Both cash deposits and bank guarantees require clients to commit or tie up significant capital – whether in the form of cash or collateralised assets. For instance, if the defendant requires $1m of security, providing this by way of cash or a bank guarantee will require the claimant to provide $1m of cash or other collateral. Whereas providing $1m of security with ATE insurance, will usually only require a cash outlay from the client of around 10% of the security required (i.e. $100,000).

Where security is provided by way of cash or bank guarantee, the adverse costs risk remains with claimant and its assets or business operations. ATE insurance indemnities transfer the risk of adverse costs to the insurer.

ATE insurance therefore allows clients to provide security for costs without crippling their balance sheet, whilst transferring their exposure to a third party.

2. Capacity to scale

Litigation is unpredictable, increasingly elongated, and costs budgets often blow out. This can result in defendants seeking additional security for their costs if the existing security provided is insufficient. If that additional security is to be provided by cash deposit or bank guarantee, the claimant’s ability to meet that security request is constrained by its cash or collateral reserves. This can lead to claims being stifled due the claimant’s inability to meet growing security demands.

However, where the claimant has provided the existing security by ATE insurance, the claimant’s ability to meet increased security requirements is not constrained by its own cash or collateral position. Rather, where requested, the insurer (with extensive financial resources) can increase the limit of indemnity provided to the defendant, neutralising an issue which may have otherwise stopped the claim in its tracks.

3. Accepted form of security

Like cash and bank guarantees, ATE insurer indemnities are an accepted form of security in Australia. For instance, in the recent Federal Court decision of CleanFin Pty Ltd v Forest Carbon Methodology Pty Ltd (No 2) [2025] FCA 163, McDonald J ordered security for costs to be provided to the defendants by ATE insurance policy . Likewise, in January 2025 Justice Waller of Victorian Supreme Court made orders in Ross Gawler v Fleetwood Partners Group Ltd that “the plaintiff is to provide…security for the Defendant’s costs in the proceeding up to and including the initial trial of the proceeding in the amount of AU$6,000,000… The security referred to…above be provided by way of an adverse costs policy of insurance underwritten by the [Australian authorised] Lloyd’s syndicate of insurers…”

4. Strategic benefits

Where security cannot be provided by a claimant, the court may make an order to dismiss the claim. This presents the defendant with a strategic opportunity to seek as much security for their costs as possible, in the knowledge that if the client is unable to provide it, the claim against them may fail. ATE insurance can neutralise this common litigation strategy of defendants.

With insurer backed security, the claimant can seek increases to the security from the insurer. Notably, leading insurers can provide up to over $30m of security per case. Therefore, unlike security by way of cash or bank guarantee, the claimant’s ability to meet security for costs requirements is not limited by its own cash or collateral resources.

Further, ATE-backed security can improve the claimant’s leverage in the claim, as the defendant will be aware that the claimant is able to prosecute the matter (and approach settlement negotiations) in the knowledge that they have cover in the event the claim is unsuccessful. Additionally, the defendant will be cognisant that an independent underwriter (often a lawyer) will have reviewed the claim and be satisfied with its legal merits.

Weigh up options but case for ATE insurance compelling

When faced with a security for costs application, claimants and their legal teams must weigh up the legal, financial, and strategic implications of their options.

While cash deposits and bank guarantees remain a robust means of providing security, they are financially onerous and a claimant’s ability to provide such security is limited to its available cash or collateral. ATE insurance, on the other hand, offers a compelling blend of risk transfer, capital preservation, scalability, and growing judicial endorsement.

Want to learn more? Visit our Australian webpage or contact us using the link below.

Security for costs: is ATE insurance the solution?

ATE (After-the-Event) insurer indemnities are now regarded as a standard means of satisfying security for costs requirements in Australia, alongside traditional options such as cash deposits and bank guarantees. As noted by O’Bryan J in Bain v International Capital Markets (No 2) , he expected the applicant would be “required to provide security in the usual form, being cash, bank guarantee or ATE insurance policy.” However, how do insurer indemnities work and why are they increasingly preferred over cash deposits and bank guarantees?

Understanding ATE insurer security for costs indemnities

ATE insurance policies provide cover for a claimant’s own and or adverse costs liabilities in a claim. However, the ATE policy and related instruments are also often used as a cost and risk effective means of meeting security for costs requests of defendants.

ATE insurers provide such security by issuing either: deeds of indemnity (DOIs) or anti-avoidance endorsements (AAEs) to the ATE policy. These instruments assure defendants that, in the event the claimant is unsuccessful, and a costs order is made against the claimant, they have adequate security for their costs because the insurer has agreed to meet the liability.

Deeds of Indemnity and Anti-Avoidance Endorsements

1. Deeds of indemnity: These are indemnity instruments which are provided alongside the ATE policy. They are issued by the ATE insurer to the defendant, pursuant to which the insurer promises to pay any costs orders in the defendant’s favour up to a specified limit.

2. Anti-Avoidance Endorsements: These endorsements amend the ATE policy so that the policy provides the defendant with a directly enforceable, non-voidable and unconditional indemnity in respect of the defendant’s costs up to an agreed limit.

The advantages of insurer indemnities over cash or bank guarantees

While cash deposits and bank guarantees have historically been the conventional methods of providing security for costs, insurer indemnities are increasingly preferred in Australian litigation due to several key benefits:

1. Preserving liquidity: Unlike cash security, which requires claimants to deposit substantial sums upfront, or bank guarantees, which require significant collateral, insurer indemnities allow claimants to maintain their liquidity. This is particularly advantageous for businesses or individuals with limited capital resources.

2. Cost efficiency: Obtaining a DOI or AAE from an ATE insurer is often more cost-effective than securing a bank guarantee which incur an annual bank guarantee fee, in addition to providing the bank with collateral. Whereas, an insurer indemnity may cost around 10% of the amount of security required, without the claimant having to provide collateral.

3. Reducing financial risk: ATE insurance indemnities transfer the risk of adverse costs to the insurer. In contrast, where security is provided by way of cash or bank guarantee, the adverse costs risk remains with the claimant and its assets or business operations.

4. Enhanced strategic leverage: ATE-backed security for costs may be improve the claimant’s leverage in the claim, as the defendant will be aware that the claimant is covered for its adverse costs exposure and can provide security through to trial if necessary. Furthermore, the defendant will be cognisant that an independent underwriter (who is typically a lawyer) will have reviewed the claim and be satisfied with its legal merits.

A key tool for litigation lawyers

As the Australian litigation landscape continues to evolve, ATE insurer indemnities now stand alongside cash and bank guarantees as a mainstream security for costs solution. Providing a cost-effective means of meeting a security demand, whilst also transferring adverse costs risk to the insurer, insurer backed security for costs solutions are increasingly seen as the preferred means to provide security. Australian lawyers regard them as a key tool to have at their client’s disposal to overcome security challenges, which may have otherwise stifled their claim.

Want to learn more? Visit our Australian webpage or contact us using the link below.

ATE insurance: what litigators should know

Litigation carries inherent financial risks, especially the prospect of paying an opponent’s legal costs if a claim is unsuccessful. After-the-Event (ATE) insurance has emerged as a critical tool for managing this exposure. Increasingly recognised by courts as a standard method for meeting security for costs, ATE insurance not only protects claimants from adverse costs but also enhances their ability to pursue meritorious claims. This article provides a practical overview of how ATE insurance works, when and how it is used, and why it is becoming a strategic asset in Australian commercial litigation.

What is ATE insurance?

ATE insurance is an insurance product used to manage the financial risk of litigation. It provides a party to a dispute with cover for their own and/or adverse costs exposure in exchange for payment of a premium. 

It is called ‘after the event’ insurance because the policy is taken out after the dispute arises and responds if the policyholder’s claim is unsuccessful and/or is ordered to pay the opponent’s costs.  ATE insurance indemnities are also used to provide security for costs in litigation. 

Why use ATE insurance?

Risk transfer. Even the strongest claims carry significant risk – that is the nature of litigation.  ATE insurance allows a claimant or party liable for costs to insure the costs risk of litigation so that if they are unsuccessful in their claim, they have an insurance policy available to meet the costs liability. 

Security for costs. ATE insurance and related instruments are used to provide security for costs. This is done by the ATE insurer providing an unconditional and directly enforceable indemnity to the opponent in respect of its costs up to an agreed limit.  

The Australian courts see ATE insurance as one of the usual forms of providing security, alongside cash and bank guarantees. For example, as noted by O’Bryan J in International Capital Markets Pty Ltd (2024): “… in all likelihood [the law firm] will be required to provide security in the usual form, being cash, bank guarantee or ATE insurance policy.”

Unlike security by way of cash deposits or bank guarantees, with ATE indemnities the insurer ultimately provides the collateral, not the claimant, preserving liquidity.

What cases is ATE insurance available for?

ATE insurance is available for class actions, commercial litigation and arbitration and insolvency claims. 

At what stage of proceedings is ATE insurance purchased?

You can apply for ATE insurance at any stage of a proceeding. However, ATE insurance is most commonly taken out at the outset of a claim or when security for costs is sought by the defendant.This is because underwriters are typically less enthusiastic about insuring a case that is close to trial.

It should be noted Lloyd’s underwriters are authorised insurers under the Insurance Act 1973 and ‘Australian Insurers’ under the Insurance Regulations 2024. 

Applying for cover - what do insurers need? 

When applying for ATE insurance, you will typically need to provide insurers with a legal opinion on the merits of the claim. Other available key supporting documentation – such as copies of pleadings – may be required, along with an estimate of the costs exposure to the conclusion of trial. 

How much does it cost?

Pricing is usually bespoke and is based on the unique risk of each case. However, premiums in Australia for a single ATE insurance risk are typically around 25-50% of the limit of indemnity required.Premiums overseas can differ.

Whilst it is possible to structure the premium so it is either all payable up front (i.e. paid on inception of the policy) or fully deferred and contingent (i.e. only payable if the case wins), it is often ‘blended’ so there will be a small up front premium that is payable, followed by a deferred and contingent premiumwhich is payable only upon a successful outcome. Premiums are often staged so that the amount of the deferred and contingent premium payable depends on when the matter settles, with the premium usually increasing as the matter gets closer to trial. Where a successful outcome occurs, the deferred and contingent premium will never exceed any recovery.

Can ATE insurers control the litigation?

No – ATE insurers cannot control the claim and do not give instructions.   Although ATE insurer’s typically ask for periodic updates on the developments in an insured case, the conduct and control of the litigation remains with you and your client.

Who is the insurer behind the policy?

An ATE insurance policy should be underwritten by an insurer with strong financials so you have comfort of its ability to meet its liabilities under its policies.  One way in which the strength of an insurer can be assessed is by reference to independent ratings provided by leading insurance rating agencies. 

Litica’s Australian policies are underwritten by Lloyd’s insurers. Four of the world’s leading insurance rating agencies recognise Lloyd’s as an A-rated insurer.

Is the insurer authorised?

It is important to ascertain whether the insurer is authorised under the Insurance Act 1973 to carry on insurance business in Australia.   

Unauthorised foreign insurers (‘UFIs’) as noted by APRA: “are not authorised insurers and are not subject to prudential requirements under the Insurance Act and prudential standards determined by APRA. Nor do policyholders benefit from the protections provided by the Act.”  

If using an unauthorised foreign insurer, you should check the regulatory requirements under the Insurance Regulations 2024 have been satisfied to ensure the UFI is not issuing the policy and indemnities in contravention of the Act and/or Regulations.  

Are there any tactical advantages to taking out ATE insurance?

There may be certain strategic advantages to taking out ATE insurance. Disclosing the existence of ATE insurance to an opponent can send a powerful message. This is because an independent assessment of the merits of the claim has been undertaken by a third party (often a lawyer) who is satisfied of the strength of the claim. Further, the claimant can prosecute the claim, which the opponent must defend, in the knowledge that the claimant can provide security for costs and is protected should it need to run the matter to trial. 

Insurer consent is usually required before disclosing to the opponent that ATE insurance is in place.

Want to learn more? Visit our Australian webpage or contact us using the link below.

LITICA AUSTRALIA: LLOYD’S COVERHOLDER

As a Lloyd's Coverholder, Litica Australia has delegated authority to underwrite litigation risk on behalf of a number of Lloyd’s Syndicates.

With the ability to write up to c.AU$30m of cover per case on behalf of these Australian authorised A rated insurers (with assets in the jurisdiction which meet APRA’s requirements), Litica Australia looks forward to supporting litigation funders, law firms, insolvency practitioners and litigants in the Asia Pacific region in 2025.

LITICA’S KEY HIGHLIGHTS

• Established in 2019, Litica was founded and is led by qualified lawyers and financial services professionals, Stephen Bolster ACII and Steve Ruffle.

• Litigation finance is the most important tool for access to justice in the 21st century. As the world’s leading litigation insurance provider, Litica’s mission is to provide comprehensive litigation-focused solutions, for claimants, litigation funders, in-house counsel, and the world’s leading law firms.

• Litica’s experienced in-house legal team has the largest number of legally trained underwriters in the market, with expertise stemming from prominent law firms and international litigation funders.

• Litica has underwritten over AUD $3.6bn of risk across a range of litigation & arbitrations. Most litigation and arbitration case types being heard across the globe can be insured - from $25,000 defamation disputes to multi-billion-dollar class actions.

• Underlining the company’s expertise in the field of litigation, in 2024 Litica was ranked ‘Band 1 – Litigation Insurance Underwriters’, UK and Australia, by Chambers and Partners, with Steve Ruffle, Stephen Bolster and Ed Yell recognised as ‘Band 1’ in the individual category.

• Razi Mireskandari, the Managing Partner and Head of the Dispute Resolution team at Simons Muirhead & Burton (SMB), is Litica's non-executive director.

• Litica has attracted the largest panel of insurer backers (company and Lloyd’s markets) and is permitted to underwrite policies globally.

• Litica has offices in London, Cologne, and Sydney with further expansion in 2025.

For more information, contact Phil Lomax or Maddie Tricarico.

About Lloyds

Lloyd’s of London is the world’s leading marketplace for specialist insurance and reinsurance. Established in 1688, Lloyd’s has been at the forefront of the global insurance industry for over three centuries, providing innovative risk solutions across a broad spectrum of sectors.  

As a marketplace rather than a single insurer, Lloyd’s operates through a network of underwriters and brokers, facilitating tailored insurance solutions through its unique syndicate model. This structure enables the pooling of capital, expertise, and risk, ensuring robust financial security and capacity for complex and high-value risks.  

Regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), Lloyd’s upholds the highest standards of financial strength, governance, and claims management. Its international reach spans over 200 territories, making it a trusted platform for underwriting a diverse range of risks, including litigation risk, specialty lines, and emerging market exposures.  

Lloyd’s commitment to innovation, resilience, and underwriting excellence positions it as the premier destination for risk management solutions worldwide.

Litica was recently highlighted in The Law Society Gazette by Stephen Kinsella, co-founder of Law For Change, the leading public interest funder, for our role in supporting access to justice.

The article, Justice Denied, highlights the growing crisis in public law enforcement and how public interest litigation funding is stepping in where the state has fallen short. Kinsella specifically acknowledges Litica’s contribution in enabling more cases to proceed, ensuring that individuals and organisations can challenge government failings and corporate negligence without financial deterrents.

Litica is proud to support Law For Change and we remain committed to making justice accessible.

Read the full article, Justice Denied, at The Law Gazette.

About Law For Change

Law for Change was established in 2022 by Stephen Kinsella, David Graham, and Charles Keidan. The organisation was founded on the belief that legal action plays a critical role in addressing societal harms and advancing social progress. It was created to bridge the gap in funding for public interest legal actions, ensuring that legal resources are strategically deployed, with expert guidance, to challenge injustices and drive systemic change for the benefit of society.

Stephen Kinsella is a leading EU anti-trust lawyer, the founder of Clean Up The Internet, and a board member of Hacked Off and Reprieve. David Graham is a philanthropist committed to funding ideas that drive meaningful change, including through Changing Ideas and the Tenacious Awards. Charles Keidan is a philanthropy expert, law reformer, and successful claimant in the UK Supreme Court, where he and his partner secured a landmark ruling that led to the introduction of civil partnerships for all couples in 2019.

Thursday, 5 February 2025 - Litica is pleased to announce that Lloyd’s has extended its Coverholder approval to include Europe, alongside the UK and Asia-Pacific. This approval grants Litica Europe fully delegated authority to underwrite commercial litigation insurance on behalf of certain Lloyd’s Syndicates.

This milestone coincides with another significant achievement: Litica has now underwritten over EUR €2.2 billion of risk in under six years, supporting a diverse range of litigation and arbitration risks.

A new era of authority

With this approval, Litica Europe is now authorised to underwrite insurance for policies with adverse costs limits of up to €15 million. This represents one of the most substantial and material levels of authority granted by Lloyd’s Syndicates in the commercial litigation insurance space.

What this means for our clients and partners

This expansion benefits brokers, finance professionals, and lawyers in several ways:

• Confidence in quality underwriting: Lloyd’s approval underscores Litica’s proven expertise in underwriting commercial litigation risks and reflects trust in our ability to deliver consistently strong results.

• Enhanced global reach: By leveraging the extensive licensing capabilities of Lloyd’s, Litica is now better positioned to serve clients across the UK, Asia-Pacific, and Europe, with plans to explore other jurisdictions.

• Bespoke solutions for the European market: This extension enables Litica to develop tailored insurance products designed specifically for the European vs. UK market, meeting the unique needs of clients and their litigation landscapes.

• Increased capacity for significant disputes: Lawyers can access substantial, high-quality capacity to support the growing demand for litigation insurance in these regions, ensuring robust protection for clients in an increasingly active market.

Litica remains committed to providing a seamless, efficient, and client-focused experience, underpinned by the unparalleled financial strength of Lloyd’s.

This development marks a significant step forward in our mission to provide tailored solutions for commercial litigation and arbitration risks across the globe.

For more information or to discuss bespoke litigation insurance solutions, please contact:

• Europe - Ed Yell

• APAC - Phil Lomax

• UK/Global - Steve Ruffle

LITICA’S KEY HIGHLIGHTS

• Established in 2019, Litica was founded and is led by qualified lawyers and financial services professionals, Stephen Bolster ACII and Steve Ruffle.

• Litigation finance is the most important tool for access to justice in the 21st century. As the world’s leading litigation insurance provider, Litica’s mission is to provide comprehensive litigation-focused solutions, for claimants, litigation funders, in-house counsel, and the world’s leading law firms.

• Litica’s experienced in-house legal team has the largest number of legally trained underwriters in the market, with expertise stemming from prominent law firms and international litigation funders.

• Litica has underwritten over EUR €2.2bn of risk across a range of litigation & arbitrations. Most litigation and arbitration case types being heard across the globe can be insured - from €25,000 defamation disputes to multi-billion-Euro class actions.

• Underlining the company’s expertise in the field of litigation, in 2024 Litica was ranked ‘Band 1 – Litigation Insurance Underwriters’, UK and Australia, by Chambers and Partners, with Steve Ruffle, Stephen Bolster and Ed Yell recognised as ‘Band 1’ in the individual category.

• Razi Mireskandari, the Managing Partner and Head of the Dispute Resolution team at Simons Muirhead & Burton (SMB), is Litica's non-executive director.

• Litica has attracted the largest panel of insurer backers (company and Lloyd’s markets) and is permitted to underwrite policies globally.

• Litica has offices in London, Cologne, and Sydney with further expansion in 2025.

CONTACT

Stephen Bolster ACII & Steve Ruffle 
Co-Founding Directors of Litica 
stephen.bolster@litica.co.uk | +44 7793 061188 
steve.ruffle@litica.co.uk | +44 7764 683380 
Website | LinkedIn 

About Lloyds

Lloyd’s of London is the world’s leading marketplace for specialist insurance and reinsurance. Established in 1688, Lloyd’s has been at the forefront of the global insurance industry for over three centuries, providing innovative risk solutions across a broad spectrum of sectors.  

As a marketplace rather than a single insurer, Lloyd’s operates through a network of underwriters and brokers, facilitating tailored insurance solutions through its unique syndicate model. This structure enables the pooling of capital, expertise, and risk, ensuring robust financial security and capacity for complex and high-value risks.  

Regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), Lloyd’s upholds the highest standards of financial strength, governance, and claims management. Its international reach spans over 200 territories, making it a trusted platform for underwriting a diverse range of risks, including litigation risk, specialty lines, and emerging market exposures.  

Lloyd’s commitment to innovation, resilience, and underwriting excellence positions it as the premier destination for risk management solutions worldwide.

𝗪𝗲𝗱𝗻𝗲𝘀𝗱𝗮𝘆, 𝟮𝟳 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰 - Phil Lomax, Litica Managing Director (APAC), and Madeleine Tricarico,  Litica Senior Associate, presented at the Association of Independent Insolvency Practitioners (AIIP) Sydney Discussion Group on After the Event (𝗔𝗧𝗘) insurance and how it helps manage the financial risks of litigation by providing costs cover in exchange for a premium.

During their presentation, Litica provided an overview of the various ATE products that can be used to benefit insolvency claims and shared insights on future developments and market trends in the insolvency space.

Attendees at this event earned CPE/CPD qualification points. For more information about how ATE insurance could benefit you or your client, or to request an event with the APAC team, please connect with:

• 𝗣𝗵𝗶𝗹 - qualified lawyer with over a decade in litigation, arbitration, and third-party funding. His underwriting expertise spans both UK and Australian markets; and/or

• Maddie - senior member of Litica’s due diligence and case management team. An Australian-qualified solicitor, Madeleine brings experience in commercial litigation, including class actions and corporate disputes in both Australia and the UK.

Litica would like to thank Michael Chin, Trevor Pogroske and the rest of the team at AIIP for putting on such a valuable event.

About AIIP

The Association of Independent Insolvency Practitioners (AIIP) is a non-profit organisation established by Insolvency Practitioners to assist fellow IPs to meet the challenges prevailing in the industry. AIIP was founded in 2016 and we now over a third of all insolvency practitioners have enjoyed AIIP membership across Australia. Members are either Registered Liquidators and/or Registered Trustees. Our members primarily practice in the SME market.

AIIP offers its members very affordable, practical and informative monthly discussion groups in Sydney, Melbourne, Brisbane and Parramatta. The monthly discussion groups supplement our members continuing professional development obligations. AIIP has joined ASIC’s and AFSA’s stakeholder liaison groups. ASIC and AFSA have both presented at our discussion groups and at our conference. If you are dealing with an AIIP member, you are dealing with a fully qualified and government registered insolvency practitioner.

Congratulations to Ed Yell and Dan Quinn for braving the freezing cold waters of the Serpentine in Hyde Park, swimming 2 miles (3.2 km) to raise money for Petals, the baby loss counselling charity.

Approximately 6,000 people participated, with Dan completing the swim in 1:03 and Ed in 1:04.

Litica, Ed, and Daniel would like to thank everyone for their generosity, which helped raise nearly £4k for Petals.

About Petals

Petals specialist counselling service can be accessed by any parent affected by pregnancy or baby loss. They provide this service at no cost to parents, with the aim to offer this vital service to all bereaved parents no matter where they live or the type of loss they have experienced. For more information, visit Petals official website.

About Swim Serpentine

A one-day open water swimming event staged in the iconic setting of the Serpentine lake in Hyde Park, which was the venue for the Marathon Swimming competition at the London 2012 Olympic Games. For more information, visit Swim Serpentine’s official website.

Nic Marler, Head of Technical Underwriting at Litica,  with Litigation Funding Journal and moderator Tets Ishikawa, Ben Knowles, Neil Purslow, and Robert Marven.

Nicholas Marler, Head of Technical Underwriting at Litica, recently joined Legal Funding Journal’s Virtual Town Hall ‘PACCAR Revisted’ event.

What to expect from watching the webinar:

• Recap of the PACCAR decision and its implications.

• How predictions have affected UK litigation funders, the legal industry, and

  litigation insurance.

• Changes in funder strategies, underwriting, and risk premiums.

• Funders' PR efforts to avoid over-regulation.

• Future outlook on litigation funding regulation and insurance in the UK and beyond.

Special thanks to Legal Funding Journal and moderator Tets Ishikawa, MD at LionFish Litigation Finance Limited, and our panel colleagues Ben Knowles, Chair of International Arbitration at Clyde & Co, Neil Purslow, Founder & CIO at Therium, and Robert Marven KC at 4 New Square Chambers.

For further information, contact Nic Marler.

Legal Funding Journal

Legal Funding Journal (LFJ) engages and informs a global legal funding community of 5,000+ through daily articles, news alerts and original content.

The LFJ community relies on LFJ as their go-to resource to stay abreast of the latest news and events taking place in the growing legal funding sector, including case developments, funding activities, regulatory updates, innovation, people moves, and more.

• Knowledge Management: Ensuring that members and their teams remain the smartest minds in the room when it comes to all things LitFin.

• Thought Leadership: Access to content produced by some of the leading subject matter experts in the legal funding space.

• Opportunities to Showcase Industry Expertise: LFJ members are provided with the opportunity to contribute original content and elevate their brands by participating in member-exclusive thought leadership activities.

• Community and Connections: Access to the most exclusive and influential community of global legal funding executives through event participation, informal introductions, and more.

The Litica team recently gathered together at Sauce by The Langham (Cookery School) for a memorable team-building event. We immersed ourselves in the art of gourmet cooking, crafting a delicious two-course meal paired with an exquisite selection of wines and champagne, followed by a dessert crafted by The Langham's skilled chefs.

Special congratulations to Ed Yell for creating the best starter and Amah Husein for an outstanding main course, both of whom were awarded the Michael Roux 'At Home' cookbook and forever bragging rights. This event was not just about cooking but also celebrating our team's unity and creativity in a stunning setting.

We highly recommend The Langham for any team event - it truly is more of a culinary haven than just a cookery school. Here's to many more such unforgettable evenings!

July 11, 2024: Madeleine Tricarico, Litica's Senior Associate for APAC, was invited to provide insight into the Australian ATE market at the The Association of Litigation Funders of Australia (ALFA) conference on class actions.

During the first panel on the “global market for ATE and other insurance products”, Madeleine discussed the evolution of ATE insurance in Australia and the rise of less traditional products offered by Litica including Anti-Avoidance Endorsements in the context of security for costs, adverse costs insurance for case portfolios and capital protection insurance.

Litica would like to thank ALFA for organising such a valuable event in the wake of key developments in the Australian class action landscape.

We would also like to thank the other panellists for sharing their expertise including Cathryn Neo of Aon, Martin del Gallego of Piper Alderman, and Guy Narburgh of Herbert Smith Freehills, with moderator Simon Burnett of Balance Legal Capital LLP; as well as the Hon. Justice Nichols and Professor Michael Legg of UNSW Law for incredible keynote addresses.

For more information on how our products can support you in the Asia Pacific Region, please contact Philip Lomax or Madeleine Tricarico.

PHOTO CREDITS
Conference - Pip Murphy (ALFA); and Herbert Smith Freehills Sydney HQ - John Gollings.

ABOUT ALFA
The Association of Litigation Funders of Australia (ALFA) is a professional body established to enhance the Australian litigation funding market by providing education, training and information about litigation funding and the litigation funding market; engaging with government, legislators, and other policymakers to help shape the legal and regulatory framework of litigation funding in Australia; and promoting best practice and ethical behaviour amongst litigation funders in Australia.

Litica is a proud Associate Member of ALFA. For more information visit ALFA online.

Litica is pleased to announce it is now a member of the Managing General Agents’ Association (MGAA).

Having joined as members in June, this week marked Litica's first time at the MGAA Annual Conference. It was a full day of interesting speakers and valuable networking opportunities at the exhibition. It was good to reconnect with our peers and industry leaders, explore innovative solutions, and discuss the future of MGAs.

We’re looking forward to becoming more involved in the association as well as leveraging the resources and opportunities that being a member unlocks for our business and our people.

For more information, contact Sam Dansey.

Litica was delighted to host some of our special colleagues at the recent Lawyers Weekly Partner of the Year Awards 2024, held at The Star Sydney.

This prestigious event recognises the dedication and excellence of the top-leading legal partners and equivalents across varying sectors throughout Australia. As Gold Sponsors, we were proud to present awards to three of the winners on the night. Congratulations to:

• Class Actions Partner of the Year: Jason Betts, Herbert Smith Freehills

• Mergers and Acquisitions Partner of the Year: Michael Ziegelaar, Herbert Smith Freehills

• Insolvency and Restructuring Partner of the Year: Trevor Withane (卫卓恩), Ironbridge Legal

Thank you to our special guests for making the evening memorable: Susanna Taylor of Litigation Capital Management (LCM), Justin Ward of Litigation Capital Management (LCM), Stuart Price of CASL, Kim May of CASL, Tom McDonald of Fortress Investment Group, Clare Owen of Woodsford, and Cody Nguyen of Woodsford.

Thank you also to the event organisers: Kirstin Bunce, William Magee and Taylah Swan of Captivate Events & Communications / Momentum Media .

Philip Lomax and Madeleine Tricarico, Litica APAC

London, Tuesday 25 June, 2024: Litica recognised with five Chambers and Partners Litigation Support 2024 rankings  

Litica is pleased to announce it has been recognised with five Band 1 Chambers and Partners ‘Litigation Support 2024’ rankings today, in the category of ‘Litigation Insurance Underwriters’. This is especially exciting for the APAC team, as it's the first time Chambers has created a Litigation Support ranking for Australia. 

Congratulations to Steve Ruffle and Ed Yell (Individual) who, alongside the Litica UK team (Firm), maintained their Band 1 Chambers and Partners rankings; Stephen Bolster ACII on receiving his first Chambers ranking (Individual Band 1); and Phil Lomax, who was cited as a Notable Practitioner for leading the Litica APAC team (Firm) to their first industry award. 

2024 is a significant year for Litica, as it marks five years since the business formed. Now trading around the world and supported by a team of almost 20, the business has enjoyed many successes since the first policy was bound. Key highlights include providing over GBP £1.25bn in insurance capacity across a range of litigation & arbitration risks, with up to £34.5m capacity available per case; and attracting a panel of the world’s leading A-rated insurers, totalling thirteen, including seven Lloyd’s syndicates. 

FIRM RANKINGS 

Chambers on departments

Litica UK 

Litica UK writes insurance across a range of litigation and arbitration risks in multiple jurisdictions, collaborating with many of the world's top-rated insurers. Our expertise extends beyond After the Event (ATE) insurance to include other specialist risk covers, such as portfolio deals and Work in Progress (WIP) insurance. 

"I think Litica are regarded as one of the primary players in insurance. They have hired a series of people who have a deep understanding of the market but who are also litigators." 

"Litica are incredibly hard-working, ambitious, and super-smart people. They are very cooperative with funder and lawyer requests." 

"Litica clearly have deep knowledge of the industry and are willing to use that knowledge to structure commercial arrangements that align the economics of all parties." 

Litica Australia

Litica is recognised as a specialist firm providing legal costs insurance, including ATE facilities. Our reputation, well-established in the UK market, has made significant strides in Australia, where we are becoming a key player. 

"Litica are real innovators in the Australian market. They're not afraid of working hard and trying new things in that market." 

"Litica exemplifies excellent commercial awareness." 

Chambers Notable Practitioners for Australian ‘Litigation Support in Litigation Insurance Underwriters’: 

“Philip Lomax, Managing Director of Litica Australia Pty Ltd, is a key contact in the region.”

INDIVIDUAL RANKINGS 

Chambers on individuals 

Steve Ruffle, co-founder of Litica and an experienced ATE underwriter, is frequently involved in high-profile leading cases. 

"Steve Ruffle is experienced and knows the market well." 

Edward Yell leads Litica's Europe operation. With extensive experience in providing ATE solutions across Europe and a background as a litigator, Ed Yell brings unparalleled expertise to his role. 

"Ed Yell is simply outstanding." 

Steven Bolster ACII, co-head at Litica, is an experienced provider of ATE insurance policies and a qualified solicitor. 

"Stephen Bolster is a very commercial operator, diligent and focused on getting deals done." 

These recognitions by Chambers and Partners underscores Litica's dedication to providing exceptional litigation insurance solutions and our ongoing commitment to innovation and excellence in the industry. 

Thank you to the Chambers team for these recognitions. 

Contact

Steve Ruffle 
Co-Founder and Director 
Litica Email: Steve.Ruffle@Litica.co.uk 
Phone: +44 7764 683380 

Phil Lomax, Managing Director of Litica (APAC), features on the Legal Finance Insights Podcast, hosted by the Association of Litigation Funders of Australia (ALFA) CEO, Pip Murphy. Amongst other things, Phil discusses the ATE insurance market in Australia, provides insights on available products and how to get cover at the best rates, and the future of legal finance and insurance market in Australia. 

This podcast is relevant for law firms, litigation funders, insolvency practitioners, claimants, and insurers in the APAC region, particularly in Australia. 

Stream on Litica (below), or visit the Apple and Listen Notes streaming platforms

Top 10 highlights from the Legal Finance Insights podcast: 

1. Litica - a brief background. 

2. Overview of ATE insurance and how to access it. 

3. ATE insurance as security for costs - deeds of indemnity and an anti-avoidance endorsements. 

4. Types of cases ATE insurance is used for and types of cover – single case and portfolio.  

5. When to apply for cover. 

6. Applying for cover – the process and what insurers are looking for. 

7. Pricing structures and how to get the best rates. 

8. Why Litica expanded into APAC. 

9. Litica’s USPs – locally authorised A rated product, highly experienced local team, unrivalled insurance capacity.  

10. The future of the ATE insurance market in Australia.

Thank you to ALFA and Pip Murphy for hosting this informative session. For more information, please contact Phil Lomax.

ABOUT ALFA

The Association of Litigation Funders of Australia (ALFA) is a professional body established to enhance the Australian litigation funding market by providing education, training and information about litigation funding and the litigation funding market; engaging with government, legislators, and other policymakers to help shape the legal and regulatory framework of litigation funding in Australia; and promoting best practice and ethical behaviour amongst litigation funders in Australia.

Litica is a proud Associate Member of ALFA. For more information visit ALFA online.

2024 is a significant year for Litica – it marks five years since the business formed. Now trading around the world and supported by a team of almost 20, the business has enjoyed many successes since the first policy was bound.

Click on the video above to watch our highlights.

“It feels like only yesterday that we set out to create Litica and its hard to believe that it’s now been five years since we launched with our first insurer.

Litica has passed many significant milestones since 2019 and the business has greatly exceeded our initial expectations. In our list of achievements, the team that we’ve built is one of those that we’re most proud of, alongside our groundbreaking panel of insurers that is market leading in terms of its size and spread.

Although we originally anticipated that Litica would solely be an ATE business focussed on the UK market, we now offer a broad range of services to markets around the world, serviced from our offices in London, Australia and Europe.

The market is as exciting as it has ever been, and its rapid growth shows no signs of slowing.

We’re looking forward to continuing to grow and evolve at its forefront.”

- Co-Founding Directors Stephen Bolster and Steve Ruffle

• 2019

  Litica launched with its first insurer, providing £2 million in capacity

• 2020

  Litica formed a panel with the addition of its second insurer.

• 2021

  The first policy was bound under Litica’s new Lloyd’s line slip.

• 2022

  Litica expanded its global footprint by launching an Asia-Pacific (APAC) office in Sydney, Australia.

• 2023

  Litica expanded into Europe by launching a European office in Cologne, Germany.

  Litica became a Lloyd’s cover holder with full delegated underwriting authority.

  Chambers and Partners rankings placed Litica in Band 1 for Litigation Insurance Underwriters.

  Chambers and Partners rankings placed Steve Ruffle and Ed Yell in Band 1 for Litigation Insurance Underwriters.

  Eliza Finch was named a WWL Thought Leader.

  Stephen Bolster was honoured as a Lawdragon Global 100 Leader.

• 2024

  Litica celebrates 5 years of business

  £1.25bn of exposure insured.

  £34.5m capacity available per case.

  Market leading ATE & litigation insurance provider.

  Further expansion of team and territories imminent.

Litica is pleased to announce the appointment of Madeleine Tricarico as Senior Associate to its Asia Pacific team, based in the Sydney office. She joins from a leading Australian disputes law firm, where she was a Senior Associate. 

Having worked on some of the most significant disputes in Australia, Madeleine has an abundance of litigation and class action experience, and her appointment strengthens Litica to become the largest litigation insurance team in the Australian market (and the broader APAC market generally), providing unrivalled insurance capacity and customer service to clients.  

As litigation insurance applications continue to increase in Australia, Madeleine will play a central role in the company's ongoing growth in the Australian disputes market. 

For APAC matters (including Australia, New Zealand, Hong Kong, and Singapore), Litica can provide up to GBP £15m of cover per case underwritten by Lloyd’s, the largest per case insurance capacity in the market. Substantial additional capacity is also available for portfolio and capital protection litigation insurance products.

Established in 2019, Litica has already provided over GBP £1bn in insurance capacity, covering a wide range of litigation and arbitration risks worldwide. Litica underwrites on behalf of its panel of leading A-rated insurers, is a proud Associate Member of the Association of Litigation Funders of Australia (ALFA), and has offices in Sydney, London, and Cologne, with further expansion in 2024.  

Litica’s team warmly welcomes Madeleine and eagerly anticipates the valuable insights and substantial expertise she will contribute to our litigation insurance practice. 

Litica is delighted to be appointed as an associate member of The Association of Litigation Funders of Australia (ALFA). Thanks to the ALFA Board of Directors for welcoming us to the association - John Walker, Pip Murphy, Maya Shallita, Simon Burnett, Tom McDonald, Stephen Conrad, Michelle Silvers, Stuart Price, Sophia Kailis, and Doug Hayter.

We look forward to working with our fellow ALFA members in continuing to advance Australia as one of the leading litigation funding and insurance markets globally.

ALFA is a professional body established in April 2018 to enhance the Australian litigation funding market by providing education, training and information about litigation funding and the litigation funding market; engaging with government, legislators, and other policymakers to help shape the legal and regulatory framework of litigation funding in Australia; and promoting best practice and ethical behaviour amongst litigation funders in Australia.

For more information, contact Philip Lomax.

The Langham London, 14 March 2024: Nic Marler, Head of Technical Underwriting at Litica, was invited to share his expertise at the Brown Rudnick Third Annual Litigation Funding Conference.  

During the panel on "Investments and Opportunities in Litigation Funding and Secondary Trading", Nic Marler discussed Capital Protection Insurance (CPI) and its impact on litigation funding and secondary trading. Here are Nic’s key points from the panel discussion: 

Applications and Benefits  

Nic outlined that the aim of capital protection insurance is to enable more efficient access to credit or capital. The aim of taking out insurance should not be primarily to transfer risk but exists to provide a comfort in the event of highly unexpected losses at the conclusion of an investment portfolio. 

During the discussion, Nic was quizzed about the pricing, structure, coverage and policy length of wrapper insurance product. Nic went onto explain that all of items are up for negotiation depending on the makeup of a particular fund / opportunity. The main thing insurers are looking for is the quality of asset and returns it is likely to make in contrast with the level of investment. 

Market Trends 

Knowledge of the insurance market’s ability to offer capital protection insurance has grown dramatically over the past couple of years. This awareness has led to a huge influx of enquiries. As one of the leading underwriters of this niche product, Nic shared his experience of the range of opportunities he has seen from good to bad. 

Litica's Role in Capital Protection Insurance  

Litica has worked on some of the largest and most publicised capital investment products in recent years. The team have consistently pushed the boundaries of financial risk management in legal disputes and spearheaded innovative approaches to litigation finance, ensuring that legal practitioners and their clients are equipped with robust financial safety nets.  

As the litigation funding landscape continues to mature, the role of insurance in facilitating sustainable investment strategies will undoubtedly grow in importance.

For further information on how Capital Protection Insurance can benefit you, contact Nic Marler.

Brown Rudnick

For more than 75 years, Brown Rudnick has represented clients around the world from offices in key financial centres in the USA and the UK, specialising in crisis management, which includes restructuring, investigations and special situations; global litigation; life sciences; technology; and brand and reputation protection.

Litica extends our gratitude to Brown Rudnick for providing an invaluable platform for thought leaders to converge and discuss the evolving landscape of litigation finance.

Special thanks to Nic’s fellow panellists, including moderator Elena Rey from Brown Rudnick; Gian Kull of Omni Bridgeway; Jiamie Chen of D.E. Shaw & Co; Rebecca Dixon of King Street; and Jeremy Marshall of Winward.