Trending Now
Community Spotlights

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.”

About the author

John Freund

John Freund

Commercial

View All
Commercial

The New Realities of Funded Patent Litigation

By John Freund |

Third-party litigation funding has become a durable and sophisticated feature of U.S. patent disputes, fundamentally reshaping how cases are filed, litigated, and settled.

As reported by Financier Worldwide, R. David Donoghue of Holland & Knight examines how the growing presence of litigation funders in patent cases is altering the strategic landscape for both plaintiffs and defendants. The article notes a sustained, multi-year trend toward larger capital pools, more sophisticated funders, and broader reliance on portfolio-based enforcement structures, particularly in high-filing districts like Delaware and Eastern and Western Texas.

Funded plaintiffs, Donoghue writes, tend to bring more carefully vetted cases. Funders conduct rigorous pre-filing due diligence that often exceeds Rule 11 standards, meaning defendants are less likely to encounter speculative claims and more likely to face adversaries with defensible damages models and clear recovery paths. Non-recourse capital also gives funded plaintiffs extended staying power, enabling multitrack strategies that reduce the effectiveness of traditional cost-based litigation leverage.

Courts are responding with increased scrutiny. Judges are more frequently requiring disclosure of funder identities, financial interests, and control rights. Discovery into funding arrangements may be permitted when relevant to questions of bias, standing, or valuation.

For defense teams, Donoghue recommends early identification of claim weaknesses, targeted disclosure motions, rigorous damages discipline, and data-driven settlement proposals calibrated to litigation milestones rather than nuisance value. The article underscores that while funding does not necessarily increase frivolous filings, it does extend the duration and intensity of patent disputes.

Commercial

Burford Capital Director Makes the Case for Legal Finance as Strategic Capital Tool

By John Freund |

A veteran litigator turned legal finance professional is challenging what she calls the biggest misconception about the industry: that litigation funding is only for companies that cannot afford their legal bills.

As reported by Burford Capital, Director Stephanie Southwick — who spent more than 15 years as a first-chair commercial and intellectual property litigator before joining the firm seven years ago — argues that the real question for potential clients is not whether they can pay, but whether litigation spending represents the best use of capital. Even financially strong organizations, she says, benefit from preserving operational funds and converting legal expenses into monetizable assets.

Southwick emphasizes that trust and alignment between funder and client are essential for a successful funding arrangement, describing the ideal relationship as a strategic partnership rather than a purely transactional one. She also highlights the value of legal finance for startups, noting that it provides non-dilutive capital that allows founders to pursue meritorious claims without reducing runway or diluting equity.

For companies considering litigation financing, Southwick advises disciplined damages analysis and realistic budgeting from the outset. Early involvement of financing partners, she says, helps calibrate the structure and economics of an arrangement before litigation costs begin to accumulate.

Commercial Regulatory Issues

Louisiana Partners with NICB to Target Litigation Funding Digital Ads

By John Freund |

Louisiana's insurance regulator is taking aim at third-party litigation funding marketing campaigns it says mislead consumers through deceptive digital advertising tactics.

As reported by Beinsure Media, the Louisiana Department of Insurance has partnered with the National Insurance Crime Bureau and 4WARN, a digital intelligence firm, to identify and combat TPLF-related paid search advertising that intercepts policyholders seeking claims assistance. Regulators allege that some campaigns create confusion about whether communications originate from insurers themselves.

The partnership follows a joint NICB and 4WARN report finding that TPLF organizations spent approximately $380 million on paid online search advertising between June 2024 and June 2025. According to regulators, some third-party marketers steer claimants toward litigation before they have an opportunity to contact their insurers directly, extending dispute timelines and increasing costs within the claims ecosystem.

The Louisiana Department of Insurance is advising policyholders to use verified sources, including the department's official website and mobile app, and to verify search result links before clicking.

The initiative marks the first coordinated regulatory effort specifically targeting TPLF digital marketing tactics, signaling a potential new front in the ongoing debate over litigation funding regulation at the state level.