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Community Spotlight: Ronit Cohen, Founder and Managing Director, Arcadia Finance

By John Freund |

Community Spotlight: Ronit Cohen, Founder and Managing Director, Arcadia Finance

A long-time litigation funding professional and former trial lawyer, Ronit Cohen is considered among the most experienced legal finance underwriting counsel in the U.S. After working as a litigator at Simpson Thacher and O’Melveny and Myers, she joined the burgeoning funding industry in 2012, first at Bentham IMF, now Omni Bridgeway, where she helped launch their first office, and then at Validity Finance, where in addition to serving as a member of the Risk Monitoring Team, she headed up a pro bono effort to provide capital to wrongfully accused individuals during the pendency of their civil actions. She co-founded Arcadia Finance in June of 2024, and serves as Managing Director along with co-founders David Kerstein and Joshua Libling.

Company Name and Description: At Arcadia Finance, we go beyond traditional litigation finance to provide frictionless funding, empowering clients and partners to achieve their legal goals through customized financial solutions and unparalleled support. Our seamless collaboration, clear deal terms, and broad mandate empower clients to navigate challenges, make informed decisions, and secure capital – fast. Led by industry veterans with over $400 million invested across 80+ deals, Arcadia Finance offers adaptable solutions for all–from litigation boutiques to AmLaw firms and corporations. Arcadia Finance’s mission is to invest in meritorious litigation, and with backing from multiple and flexible capital providers, we find new ways to help clients and law firms finance, monetize, and share risk on their legal assets. Our solutions include everything from traditional single-case funding and law firms portfolios, to purchasing companies or patent portfolios whose primary value is litigation. At every stage from pre-litigation to appeal and enforcement, Arcadia has the experience, flexibility, and capital to assist.

Company Website: arcadiafin.com

Year Founded: 2024

Headquarters: New York, New York

Area of Focus: With a focus on U.S.-based commercial and patent litigation and domestic and international arbitration, Arcadia Finance is open to the full spectrum of litigation-based assets, from mass torts to law firm lending to patent acquisition, including cross-border and offshore matters. We consider cases in all federal and state courts, as well domestic and international arbitrations.    

Member Quote: “I believe litigation funding is essential for a balanced legal system. It empowers clients with valid claims to seek justice, even when facing well-resourced opponents.”

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John Freund

John Freund

Commercial

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Zurich’s Quarterly U.S. Lobbying Spend Climbs to $660,000 With Funding Disclosure Bill Pending

Zurich American Insurance Company increased its federal lobbying expenditure in the third quarter of 2026, with the Litigation Transparency Act of 2025 among the measures listed in its disclosures.

As reported by Legis1, Zurich reported $550,000 in in-house lobbying expenses for the quarter, supplemented by $60,000 paid to Invariant LLC and $50,000 to Tiber Creek Group Inc. The combined total of $660,000 is $70,000 above the insurer's second-quarter figure of $590,000.

H.R.1109 would require parties in a civil action to disclose any person, other than counsel, holding a contingent right to receive payment based on the outcome of the case, and to produce the underlying funding agreement. The bill was referred to the House Judiciary Committee in February 2025 and its most recent recorded action remains the committee consideration and markup sessions held in November 2025. Its cosponsor count has grown from two at introduction to 28 as of June 2026.

The measure has drawn broad support from the property and casualty sector. A U.S. Chamber of Commerce coalition letter backing the bill was signed by Zurich North America alongside Allstate, Chubb, Liberty Mutual, State Farm and Travelers, as well as the American Property Casualty Insurance Association and the National Association of Mutual Insurance Companies.

Opposition has come from an unexpected direction. Tea Party Patriots Action has urged the House Judiciary Committee to reject the bill, and a donor-privacy coalition including PDE Action has argued it would compel disclosure of private financial arrangements outside the ordinary discovery process without any judicial finding of relevance.

ATE Insurers Expected to Await Manchester City Appeal Before Backing Compensation Claims

Rival clubs, players and agents weighing compensation claims against Manchester City may struggle to secure after-the-event insurance until the club's appeal is resolved, according to a specialist litigation insurance underwriter.

As reported by Insurance Business, Rocco Pirozzolo, managing director and underwriting director at Harbour Underwriting, said the live appeal creates uncertainty that underwriters are unlikely to price. "With a live appeal, this creates uncertainty, and so I expect underwriters would want to wait for the outcome of the appeal," he said.

The Premier League announced on 29 September that an independent commission had found the club in breach of more than 100 of its rules, upholding 114 of the 115 charges brought in 2023 following an investigation that began in 2018. Manchester City lodged an appeal on 1 October and denies wrongdoing.

Pirozzolo noted that Burnley's earlier award against Everton gives underwriters a roadmap for this type of claim, but that tying a rule breach to lost results and lost revenue remains the difficult part. Causation and quantum are the key tests for ATE underwriters assessing whether a claim is insurable.

Arsenal, Liverpool, Manchester United and Tottenham are reported to have lodged notices in 2024 reserving the right to claim compensation, while players and agents are said to be exploring loss-of-earnings claims tied to bonus payments.

A three-member appeal board will hear the case and may dismiss or allow the appeal, remit it to the commission, or alter any sanction. Under Premier League rules the hearing should be held within 12 weeks of being lodged, with a decision due within 30 days of its conclusion.

Omni Bridgeway Reports 3.9x MOIC on A$135.8m of First-Quarter Completions

Omni Bridgeway Limited (ASX: OBL) has reported that it is tracking at or above all of its FY27 operational targets, with first-quarter completions returning well above the funder's recent historical average.

As reported by GlobeNewswire, the alternative asset manager's Investment Portfolio Report as at 30 September 2026 records 20 full and partial completions generating A$135.8m in investment proceeds at a 3.9x multiple on invested capital. That compares with a two-year trailing average of 2.5x, and the completions converted at 102% of carrying fair value.

Management fees rose 24% year-on-year to A$10.7m, and the group received A$9.4m in cash carried interest, with a further A$8.6m accrued on Series II funds but not yet distributed. Omni Bridgeway also completed the final close of its Funds 4 and 5 Series II at the full US$1 billion target during the quarter, which it expects to push management fee growth towards the higher end of its indicated FY27 range.

New commitments totalled A$87.1m across nine new investments, up 23% on the prior corresponding quarter, adding A$81.2m in new fair value. The pipeline comprised 46 agreed exclusive term sheets representing an estimated A$416.6m in potential new commitments, up from A$317.8m a year earlier.

Cash operating expenses of A$15.7m tracked below the FY27 budget range of A$72.5m to A$75.0m, with a cost coverage ratio of 68% for the quarter. Chief Executive Officer Raymond van Hulst pointed to the 46 exclusive term sheets and a significant number of late-stage investments in the portfolio.