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Community Spotlight:  Stephen Kyriacou, Head of Litigation and Contingent Risk Solutions, Willis Towers Watson

By John Freund |

Stephen is a seasoned litigation and contingent risk insurance broker and former practicing complex commercial litigator who joined WTW in February 2025 as Head of Litigation and Contingent Risk Insurance.  In his role, Stephen evaluates litigation-related risks and structures bespoke litigation and contingent risk insurance policies for litigation finance, hedge fund, private equity, law firm, and corporate clients. 

Prior to joining WTW, Stephen was a Managing Director and Senior Lawyer in Aon’s Litigation Risk Group.  Stephen joined Aon in 2019, and was the first insurance industry professional dedicated solely to the litigation and contingent risk insurance market, leading the Litigation Risk Group’s origination and business development work, in-house legal diligence, efforts to advocate for coverage with underwriters, and negotiation and structuring of insurance policies.  During his time at Aon, Stephen was a three-time Risk and Insurance Magazine “Power Broker” (2022, 2023, 2024); spearheaded the development of judgment preservation insurance and insurance-backed judgment monetization as well as the synergy of litigation and contingent risk insurance with litigation finance; and was responsible for placing billions of dollars in total coverage limits – including the largest ever litigation and contingent risk insurance policy, and several policies that each provided over $500 million in coverage limits – and delivering hundreds of millions of dollars in premium to insurers.  Stephen additionally provided consulting and broking services on litigation-driven, insurance capital-based investment opportunities and sales of litigation claims, insurance claims, and subrogation rights as part of the Aon Special Opportunities Group.

Prior to joining the insurance industry, Stephen was a complex commercial litigator in the New York City office of Boies, Schiller & Flexner from 2011 to 2019.  While at BSF, Stephen amassed significant trial, appellate, and arbitration experience representing both plaintiffs and defendants in the U.S. and abroad across a wide array of practice areas, including securities, antitrust, constitutional, insurance, first amendment, employment, government contracting, and criminal law, as well as in multidistrict and class action litigation.  Stephen’s clients included banks and other major financial institutions, private equity firms, technology companies, foreign sovereigns, professional sports teams, television networks, insurance companies, corporate executives, and other high-net-worth individuals.  

Stephen earned his J.D. from the New York University School of Law in 2010, and is a member of the New York State Bar.  He also clerked for the Honorable Tanya S. Chutkan in the United States District Court for the District of Columbia.

Company Name and Description:  Willis Towers Watson

Company Website: https://www.wtwco.com/en-us

Headquarters:  Stephen is based in New York

Area of Focus:  Litigation and contingent risk insurance for litigation finance, hedge fund, private equity, law firm, and corporate clients

Member Quote:  “I have been working with litigation finance firms to insure their litigation-related investments since I first entered the insurance industry in 2019, and I view litigation finance and funder-backed plaintiff-side litigation as the most important growth areas for the litigation and contingent risk insurance market, as well as the areas where coverage can be most value additive for clients. 

I have also been bringing litigation finance firms into insurance transactions as financing counterparties since I first devised the concept of insurance-backed monetization for judgment preservation insurance clients back in 2020, which concept has since expanded to the point where litigation finance capital has become inexorably intertwined with all forms of plaintiff-side insurance coverage.  

As the market for this insurance pivots away from single-case risks and towards portfolio-based policies for litigation finance firms and the law firms that they fund, litigation finance clients can trust that WTW will be at the forefront of innovating new coverage structures and concepts to address their unique risk management needs and ambitious financial goals, will deliver best-in-class client service utilizing our incomparably strong and longstanding relationships with underwriters, and will be a vocal champion of litigation finance both within and outside of the insurance industry.”

About the author

John Freund

John Freund

Commercial

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Commercial Law Firm Corner Special Features Thought Leadership

Should Courts Encourage Litigation Funding?

By Ken Rosen |

The following was contributed by Ken Rosen Esq, Founder of Ken Rosen P.C. Ken is a frequent contributor to legal journals on current topics of interest to the bankruptcy and restructuring industry.

In many Chapter 11 cases, the debtor’s estate holds valuable litigation claims, which can be a key source of recovery. However, pursuing these claims can be daunting when the defendant has substantially greater financial resources. Well-funded defendants may use aggressive litigation tactics to exploit the estate’s limited means.

Unsecured creditors, often receiving only token recoveries, may be hesitant to approve further legal spending. Debtor’s counsel, wary of nonpayment if litigation fails, may also be reluctant to pursue claims. Contingency fee arrangements can reduce estate risk, but they shift risk to counsel—particularly when facing a resource-rich defendant.

To gain creditor support, more than the committee counsel’s confidence may be needed. Litigation funding can bridge the gap. It provides capital to pursue claims without draining estate resources, helping to fulfill Chapter 11’s core goals: preserving going concern value and maximizing creditor recovery, as recognized by the Supreme Court.

Litigation funding is especially valuable when the estate lacks liquidity. It enables the debtor to pursue meritorious claims against stronger opponents, discouraging defense strategies aimed at exhausting the plaintiff through expensive discovery and motion practice.

The Funder’s Evaluation Process:

  1. Legal Merits – Assessing the strength of claims based on facts, evidence, and precedent.
  2. Recovery Potential – Estimating damages or settlement value to ensure adequate return.
  3. Litigation Costs – Forecasting expenses to trial or resolution.
  4. Risk Analysis – Evaluating the defendant’s ability to pay, jurisdictional issues, and delays.
  5. Independent Review –Funders conduct rigorous due diligence before committing capital.

A funder’s involvement serves as a “second opinion” validating the case. Their willingness to invest can bolster confidence in the claim’s merits and justify some estate contribution. It can serve as a soft endorsement of the litigation’s potential value. When a party seeks authorization for litigation funding it should be viewed by the Bankruptcy Court as weighing in favor of approval.

Whether or not funding is obtained, the terms of any arrangement should be redacted/sealed and remain confidential—shared only with the Court and key constituent counsel. The rationale for proceeding without funding should likewise remain undisclosed. Keeping defense counsel in the dark preserves strategic advantage.

Conclusion:

Litigation funding can be a powerful tool for Chapter 11 estates, enabling pursuit of valuable claims, minimizing financial strain, and supporting reorganization efforts. This strategy aligns with Chapter 11’s purpose and can significantly enhance the likelihood of a successful outcome. Key constituents and the court should recognize that.

Commercial Deals

Ramco’s Cristina Soler on the Benefits of Monetizing Arbitration Awards

By Harry Moran |

As LFJ covered yesterday, the availability of legal funding is having a significant impact on the world of arbitration, with funders offering a variety of services from financing the initial claim to supporting claimants through the enforcement of awards.

In an interview with Confilegal, Cristina Soler, CEO of Ramco Litigation Funding, discusses the growing use of award monetization in arbitral proceedings and the increasing adoption of litigation funding both in Spain and across Europe. Confilegal spoke with Soler at the 11th edition of the Open de Arbitraje in Madrid, where she participated in a panel discussion with Emma Morales (Simmons & Simmons), Damian Vallejo (Dunning Rievaman & Macdonald LLP), Carlos Iso (SACYR). Lourdes Martínez de Victoria Gómez (Departamento de Arbitrajes Internacionales), and María Rodríguez (ACCIONA).

In the interview, Soler highlights that the end of any arbitration proceedings is never marked simply with a party obtaining an award, as the enforcement of that award is often a long and expensive process. Soler explains that funders like Ramco can provide support in one of two ways: either by providing the financing to cover the legal costs of enforcement, or through the monetization of an award where it is sold or assigned to the funder for an upfront payment.

Soler emphasises that the main benefits of award monetization are the immediate provision of liquidity to the claimant and the mitigation of any risk involved in the complex enforcement process. She also goes on to explain that award monetization has become more sophisticated with different payment structures available and a growing secondary market where these awards are bought and sold.

More insights from Soler are available in the full interview on Confilegal’s website.

Commercial Legal Innovation

JurisTrade CEO Discusses Litigation Asset Marketplace Opportunities

By Harry Moran |

As LFJ covered in March of this year, JurisTrade launched the first phase of its Litigation Asset Marketplace offering over $70 million in litigation funding opportunities, with the aim of bridging the gap between available capital and active cases in need of financing.

In an interview with Global Finance, JurisTrade’s CEO, James Koutoulas discusses the company’s new marketplace, explaining the benefits it offers to both investors and plaintiffs who find themselves in need of additional funding during a case. 

Koutoulas describes the platform as “the first secondary marketplace for litigation assets”, with the marketplace designed to allow investors to buy and sell these opportunities just like tradeable securities. Koutoulas says that this will generate “two or three turns on these cases”, with the flexibility of this model allowing “investors to pick when they want to come in, like VC investors pick the A-round or C-round.”

Koutoulas also clarifies that the marketplace is not targeting retail investors, as the minimum stake is set at $500,000. Instead JurisTrade’s platform is focused on offering these opportunities to institutional investors and family offices, highlighting that due to the variety of cases “every investment is very bespoke.”