The International Legal Finance Association (ILFA) today announced its new board of directors, executive committee members, and Chairman.
“As legal finance matures, ILFA’s role as the voice of the industry is critical to communicating how litigation finance benefits society and business by supporting the rule of law across the world,” said Gary Barnett, Executive Director of ILFA. “I am thrilled to announce our new Board—led by Therium’s Neil Purslow, that will help to shape the future of this global industry.”
“I also want to thank our outgoing launch Chairman Leslie Perrin for his service and dedication to our association and the industry at-large. Under his leadership, we have successfully transitioned to a new organizational structure, one that well positions ILFA as the voice of the global legal finance industry. I further appreciate his willingness to provide, and look forward to, his continued counsel as we move forward.”
Neil Purslow, Chairman of ILFA said: “It is an honour to take over as Chairman of ILFA from Leslie who is one of the pioneers of legal finance and I am grateful for his continued commitment to shaping the future of this important industry. I look forward to working with Gary, fellow board members and colleagues across the industry to support the continued growth and sustainable development of legal finance so that it can continue to provide much needed capital solutions and investment in the law.”
The Board of Directors is comprised of members who serve on a volunteer basis and includes senior leaders and founders of global commercial legal finance companies. The Board members include:
The Board of Directors named the following executive committee members:
ILFA also recently announced Delta Capital Partners Management LLC, a U.S.-based private equity and advisory firm specializing in litigation finance, judgment enforcement, asset recovery, and related strategies, as its newest member.
About the International Legal Finance Association
ILFA represents the global commercial legal finance community, and its mission is to engage, educate and influence legislative, regulatory and judicial landscapes as the global voice of the commercial legal finance industry. It is the only global association of commercial legal finance companies and is an independent, non-profit trade association promoting the highest standards of operation and service for the commercial legal finance sector. ILFA is incorporated in Washington, DC, and will have chapter representation around the world. For more information, visit www.ilfa.com and find us on Twitter @ILFA_Official and LinkedIn.
AmTrust Europe Limited, an insurance entity of AmTrust International, today announced the launch of a Fixed Limit ‘After the Event’ (fl.ATE) Insurance product for lower value commercial and civil legal claims.
The new product was created in response to a perception of ATE insurance – which is used by individuals, businesses and insolvency practitioners to cover their legal expenses if a claim is unsuccessful - being available only for high value disputes.
AmTrust is now making Commercial ATE insurance available for cases where the quantum and costs are more closely aligned - helping to tackle the issue caused by a lack of proportionality and supporting Access to Justice by providing an ATE Insurance solution for lower quantum claims today, whilst considering the prospective future Fixed Recoverable Costs Regime.
“When discussing a new potential matter with litigators, naturally the focus is on the prospect of success. From an underwriting perspective this is a key consideration, but the first questions will always focus on case economics. Are the costs of pursuing the case to a worst-case scenario, going to trial, proportionate to the realistic quantum?” said James Jobling, Legal Expenses Development Manager at AmTrust International.
“fl.ATE Insurance tackles this challenge through an innovative underwriting approach to proportionality and a preferential premium rating, therefore, increasing the potential for claimants to be able to obtain After the Event Insurance for lower value claims.”
The policy is available for civil and commercial disputes, and it offers fixed limit indemnity options up to £300,000. There is no requirement for a law firm or barrister to be acting on a Conditional Fee Agreement. The premium is based on two stages and is contingent upon the success of the claim.
About AmTrust
AmTrust International, the UK and International arm of New York based AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers' compensation, business owner’s (BOP), general liability and extended service and warranty coverage. For more information about AmTrust, visit www.amtrustfinancial.com.