PIB Group, the specialist insurance intermediary backed by Apax and The Carlyle Group, has strengthened its footprint in the litigation insurance sector through the acquisition of Litica, a Managing General Agent (MGA) that provides insurance-backed solutions for litigation and arbitration cases. The acquisition marks a strategic expansion for PIB’s MGA division, particularly in key international markets.
Founded in London in 2019 by Stephen Bolster and Steve Ruffle, Litica has grown into a major player in litigation insurance, offering tailored products for individuals, businesses and law firms. Over the years, the company has extended its operations to Australia, the United States and Germany, leveraging a panel of insurer backers and its status as a Lloyd’s coverholder to underwrite complex, high-value legal disputes.
With this acquisition, PIB Group is bolstering its presence in the litigation insurance market, a sector that has seen rising demand as businesses and individuals seek financial protection against the risks of legal disputes. The move also enhances PIB’s capabilities in specialist underwriting and risk management across multiple jurisdictions.
Charles Burgess, CEO of underwriting and schemes at PIB Group, sees the purchase as an important step in expanding the company’s wholesale division.
"Having Litica join PIB Group marks an exciting milestone, enabling our MGA division to enter the next phase of growth,” he said. “Liticia’s operations in Australia and the United States provide our MGA business with a strong foothold in these markets, bringing a wealth of opportunity to the wider Group.”
Litica has built a strong reputation for After-the-Event (ATE) insurance and litigation risk solutions, having provided over hundreds of millions of pounds in insurance capacity across various legal and arbitration cases. The company has also gained recognition for its underwriting expertise, with its team of legally trained professionals consistently ranking highly in industry ratings.
Co-founder Stephen Bolster expressed confidence in the partnership with PIB Group.
"At Litica we have spent the last six years establishing ourselves as the UK's leading provider of specialist litigation insurance, and we are beginning to replicate that success across international markets,” said Bolster. “Joining an entrepreneurial and ambitious Group provides us with the capabilities we need to continue growing, while still providing our clients with the professional and diligent services we are known for."
Steve Ruffle, co-founding director of Litica, echoed this sentiment, emphasizing the growth potential.
"Being part of an ambitious, bold and fast-paced international Group will ensure we are positioned well to make the most of the opportunities the market continues to present,” he said.
Litica’s expansion into Australia in 2022 was a key milestone in its growth, as the company sought to fill a gap in the market by providing locally backed litigation insurance solutions. The firm has since become one of the most recognized names in the sector, earning top rankings from Chambers and Partners and industry accolades for its leadership team. The York St. Sydney office is headed up by ex LSE Philip Lomax.
The acquisition by PIB Group is expected to support further international expansion, reinforcing its commitment to growing through acquisitions while strengthening its expertise in niche insurance markets. With litigation and arbitration cases becoming increasingly complex and costly, the demand for bespoke legal cost insurance is likely to keep growing.
