International specialty insurer
Ironshore has introduced a new professional lines insurance product for the Hong Kong market, covering after-the-event legal expenses to mitigate commercial litigation loss exposures.
The insurer’s professional lines unit will provide coverage for parties subject to expense losses following commercial litigation action, with the policy underwritten through Ironshore Hong Kong Ltd.
The new insurance policy protects from adverse costs awarded in commercial litigation. The coverage, which is standardized within the UK legal community, is tailor-made for the Hong Kong insurance market in response to client demand.
Senior underwriter Geoffrey Lee in Hong Kong will oversee product development and distribution, and he will work in tandem with David White, Ironshore’s director of professional lines.
“Ironshore’s professional lines product has been well received throughout the UK and Australia regions to protect against litigation losses impacting representative law firms and commercial litigants,” White said. “Our experience in this specialty space reveals that the legal expense cover is particularly beneficial to insolvency practitioners or other litigants to mitigate against the potential risk of significant financial losses from adverse costs awards.”
Earlier this year, Ironshore released a similar insurance product for the Singapore insurance market, showing the growing demand for legal expenses-related insurance in the Asia-Pacific region.
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