Addept Insurance Services has launched the first two products in its new legal expenses insurance (LEI) suite.
Established in 2024, the firm aims to provide a range of insurance solutions. The first products in Addept’s LEI portfolio are Rent Protect ‘Essentials’ and Officers’ Legal Protection. Rent Protect is a legal expenses and rent guarantee insurance aimed at landlords, designed to be compliant with the Renters’ Reform Bill. Officers’ Legal Protection is a specialised product offering legal expenses coverage for police officers and their families.
The company stated that it has already secured significant contracts for both products. Officers’ Legal Protection will be available to over 50,000 members of the Police Federation in England and Wales, representing more than 35% of total membership. Rent Protect will cover over 4,000 residential tenancies.
Capacity for the products is provided by Irwell Insurance Company, a specialist legal expenses and liability insurer rated B++ (Good) by AM Best.
Richard Finan (pictured above), managing director of Addept Insurance, described the firm's entry into the LEI market as a logical progression. He noted that the market has faced challenges, including low customer awareness, regulatory emphasis on Fair Value, and underutilisation of LEI products.
“The initial response from the market has been very positive,” said Finan. “We have secured several contracts with MGA and broker partners.”
On the partnership with Irwell Insurance, Finan added: “Irwell Insurance shares our approach and commitment to delivering quality LEI products through a range of distribution channels.”
Giles Reading, CEO of Irwell Insurance, highlighted the synergy between the two companies, noting their shared experience in the LEI market and a focus on delivering fair-value products.
Legal expenses insurance has gained prominence in the UK in recent years, driven by factors such as rising legal costs. The product, which typically covers the cost of legal fees for disputes in areas such as property, employment, and personal injury, has become more widely available as both an add-on to existing policies and as standalone coverage. The introduction of reforms, such as the Jackson Reforms, which limit the recovery of legal costs in civil cases, has made LEI an increasingly attractive option for individuals and businesses seeking protection from potential legal expenses.
Looking ahead, Addept Insurance plans to expand its LEI portfolio in 2025, with plans to introduce products for the leisure, personal, motor, and SME sectors.
