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

By John Freund |
March 12, 2025

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

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.”

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John Freund

John Freund

Commercial

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Commercial Regulatory Issues

ISO Approves New Litigation Funding Disclosure Endorsement

By John Freund |

A new endorsement from the Insurance Services Office (ISO) introduces a disclosure requirement that could reshape how litigation funding is handled in insurance claims. The endorsement mandates that policyholders pursuing coverage must disclose any third-party litigation funding agreements related to the claim or suit. The condition applies broadly and includes the obligation to reveal details such as the identity of funders, the scope of their involvement, and any financial interest or control they may exert over the litigation process.

According to National Law Review, the move reflects growing concern among insurers about the influence and potential risks posed by undisclosed funding arrangements. Insurers argue that such agreements can materially affect the dynamics of a claim, especially if the funder holds veto rights over settlements or expects a large portion of any recovery.

The endorsement gives insurers a clearer path to scrutinize and potentially contest claims that are influenced by outside funding, thereby shifting how policyholders must prepare their claims and structure litigation financing.

More broadly, this endorsement may signal a new phase in the regulatory landscape for litigation finance—one in which transparency becomes not just a courtroom issue, but a contractual one as well.

Case Developments Commercial

Innsworth Penalized for Challenge to Mastercard Settlement

By John Freund |

A major ruling by the Competition Appeal Tribunal (CAT) has delivered a setback to litigation funder Innsworth Advisors, which unsuccessfully opposed the settlement in the landmark Mastercard consumer class action. Innsworth has been ordered to pay the additional legal costs incurred by class representative Walter Merricks, marking a clear message from the tribunal on the risks of funder-led challenges to settlements.

As reported in the Law Gazette, the underlying class action, one of the largest in UK legal history, involved claims that Mastercard’s interchange fees resulted in inflated prices passed on to nearly 46 million consumers. The case was brought under the collective proceedings regime, and a proposed £200 million settlement was ultimately agreed between the class representative and Mastercard. Innsworth, a funder involved in backing the litigation, challenged the terms of the settlement, arguing that it was disproportionately low given the scope and scale of the claim.

The CAT, however, rejected Innsworth’s arguments and sided with Merricks, concluding that the settlement was reasonable and had been reached through an appropriate process. Moreover, the tribunal found that Innsworth’s intervention had caused additional work and expense for the class representative team—justifying the imposition of cost penalties on the funder.

For the litigation funding sector, this ruling is a cautionary tale. It underscores the importance of funder alignment with claimants throughout the litigation and settlement process, particularly in collective actions where public interest and judicial scrutiny are high.

Case Developments Commercial

Court Dismisses RTA‑Client Case

By John Freund |

Law firm Harrison Bryce Solicitors Limited had attempted a counterclaim against its client following the dismissal of a negligence claim against the firm. First the counterclaim was dismissed, and now the appeal against the counterclaim's dismissal has also been dismissed.

According to the Law Society Gazette, Harrison Bryce argued that it had been misled by its client, Abdul Shamaj, who had claimed to have sustained injuries in a road traffic accident (RTA) and instructed the firm accordingly.

Shamaj retained Harrison Bryce on the basis of a purported RTA injury claim, and the firm later brought professional negligence proceedings against the client, alleging that the claim lacked credibility. Shamaj, in turn, mounted a counterclaim against the firm.

Both the negligence claim and the counterclaim were dismissed at first instance, and the Harrison Bryce's appeal of the dismissal of the counterclaim has now been refused.

The key legal takeaway, as highlighted by the judge, is that simply pleading that the client misled the firm is not sufficient to make out a viable counterclaim. The firm needed to advance clear and compelling evidence of the client’s misrepresentation, rather than relying on allegations of general misled conduct.