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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.”

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John Freund

John Freund

Commercial

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Case Developments Commercial

Funding of Investor-State Disputes Attracts Criticism

By Harry Moran and 4 others |

Whilst litigation funders can provide the financial resources for individuals and companies to gain access to justice, the benefits that this service provides do not shield the industry from criticism; especially where lawsuits can be portrayed as putting business interests over social or environmental progress.

An in-depth article in The Guardian covers the growing trend of third-party funding supporting investor-state disputes focused on environmental regulations. In these cases funders are often backing companies who have seen their profits harmed by ‘green laws’, with a large potential upside for the funder due to the sizeable awards in play and the diminished risk of counterclaims being brought by governments.

Analysing the publicly available data from over 1,400 of these cases brought against nation states, The Guardian’s investigation details more than $120 billion in awards through claims in investor-state dispute settlement (ISDS) courts. As the article notes, this figure may be a severe underestimation of the true total, as only 34% of cases where a settlement or award was made had disclosed the financial value of the award.  Similarly, whilst the involvement of third-party funders is not always disclosed, The Guardian found at least 75 ISDS cases where such a party was involved, with more than half of those backed by investors in the UK, US or Canada.

This trend has been the target of some criticism from lawyers and arbitrators involved in these disputes, with Muthucumaraswamy Sornarajah noting that it is often “developing countries” that are the targets of claims backed by investors who see the ISDS system as “big business.” Lisa Sachs, director of the Columbia Center on Sustainable Investment, also argued that the risk mitigation offered by having a funder cover the legal costs is effectively “removing a key deterrent to bringing weak or speculative claims.”

In response to its investigation, Burford Capital was the only funder who agreed to speak with The Guardian. The funder rebuffed the idea of supporting frivolous claims, pointing out that “legal finance provides a vetting function and weeds out meritless cases: we only get paid when our clients win their cases”. Burford’s CEO, Christopher Bogart, questioned whether these kinds of cases were unique, saying that he does not think “ISDS is any more high potential or lucrative than lots of other areas of litigation.”

Commercial Deals

Nera Capital Reaches $100m Milestone for Investor Returns

By Harry Moran and 4 others |

For any litigation funder, success is measured in favourable outcomes for the cases they support, as well as in their ability to deliver on the returns for investors who provide the foundational capital needed for these businesses.

An article on Insider Media highlights a new landmark for Nera Capital, as the litigation funder announces that it has now exceeded $100 million in repayments to its investors. This latest milestone comes off the back of a strong run of case investments, with the funder spotlighting its backing of a major hernia mesh claim in the United States where Nera supported claimants who suffered complications from defective mesh implants.

In addition to the successful mesh claim, Nera has also built a track record of investing in commercial cartel cases and personal injury claims, with two European anti-trust claims that have settlement values of over $20 billion. Building upon these investments, Nera is anticipating the launch of a new $75 million fund that will support the funder’s ambitious growth plans.

Aisling Byrne, director and co-founder of Nera Capital, said that “surpassing $100 million in repayments is a testament to the firm’s disciplined investment strategy and commitment to delivering on promises.” Speaking to the philosophy behind the company’s investment strategy, Byrne stated: “We are not just funding litigation; we are helping people achieve justice while ensuring our investors benefit from well-structured, high-value opportunities.”

Read more about Nera Capital in LFJ’s Community Spotlight with Aisling Byrne.

Commercial

PIB Group expands its MGA division acquiring market-leading specialist litigation insurance MGA Litica

By Harry Moran and 4 others |

PIB Group Ltd (‘PIB’ or ‘the Group’), the specialist insurance intermediary group, has acquired market-leading litigation insurance provider Litica. 

Managing General Agent (MGA) Litica specialises in a range of insurance-backed solutions for private and corporate clients involved in litigation or arbitration.

Litica was founded in London in 2019 by co-founding directors Stephen Bolster and Steve Ruffle. It has since expanded its operations to Australia, the United States and Germany. The company has a large panel of insurer backers and is a Lloyd’s coverholder. This access to significant insurance capacity enables them to underwrite a range of complex and high value litigation types. 

Charles Burgess, CEO of Underwriting and Schemes at PIB Group, said: “Having Litica join PIB Group marks an exciting milestone, enabling our MGA division to enter the next phase of growth. 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. We’re excited to have Stephen, Steve and their team join us - their experience will be invaluable.”

Stephen Bolster, co-founding director at Litica, said: “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. 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 at Litica, said: “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. We are looking forward to leveraging PIB Group’s wide range of products, solutions and expertise in insurance and risk management.”