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International Legal Finance Association (ILFA) Welcomes New ELI Report – ‘Principles Governing the Third-Party Funding of Litigation’

The International Legal Finance Association (ILFA), the global voice of commercial legal finance, has welcomed the findings of the newly published European Law Institute (ELI) report ‘Principles governing the third-party funding of litigation’. 

The report, authored by UK High Court Judge Dame Sarah Cockerill and Professor Susanne Augenhofer, is the product of more than two years of investigative work to develop principles and guidance for the TPLF market, and represents a new, independent contribution to the legitimate and effective use of TPLF. 

Following the publication of the report, Neil Purslow, Chairman of the Executive Committee of ILFA, commented:

‘This new report, authored by seasoned legal observers, recognises that commercial legal finance increases access to justice for European businesses and consumers and provides ‘vital improvement in access to justice’ (pg.19) when made available. Contrary to the repeated claims of big business, funding helps level the playing field for those exercising their rights against multinationals with almost unlimited resources’. 

The report also cautions against imposing new regulations on the TPLF market. Instead, it advances a ‘complementary approach’ involving guidance to funders on issues to be taken into account before entering into a TPLF agreement, together with publishing a new Appendix drawing together the recommended minimum content of a funding agreement.

Purslow commented: 

‘ILFA agrees with the report’s conclusion that proscriptive one-size-fits-all regulation isn’t appropriate for a sector like ours. It risks funders ceasing to offer funding, inevitably leading to what the authors rightly identify as ‘serious access to justice issues’.’

The full report from ELI can be read online here

About ILFA

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 has local chapter representation around the world. For more information, visit www.ilfa.com and like us on LinkedIn and X @ILFA_Official. 

About ELI 

The European Law Institute (ELI) is an independent non-profit organisation established to initiate, conduct and facilitate research, make recommendations and provide practical guidance in the field of European legal development. The ELI secretariat is hosted by the University of Vienna, Austria.

The report team was led by Susanne Augenhofer (Professor of Law, Austria), Dame Sara Cockerill (High Court Judge, UK), and Henrik Rothe (Professor of Law, Denmark) (until July 2022). 

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LLoyd’s Extends Litica’s Coverholder Approval to Include Europe

By Harry Moran and 4 others |

Whilst litigation funders often dominate the conversation in the legal funding space, the role and influence of litigation insurers has only grown in recent years as they have expanded their provision of litigation risk solutions to claimants, funders, law firms, and in-house counsel.

An announcement from Litica revealed that Lloyd’s has extended its Coverholder approval to include Europe, thereby approving Litica Europe to underwrite commercial litigation insurance on behalf of certain Lloyd’s Syndicates. This latest extension from Lloyd’s follows on from its existing Coverholder approval for Litica in both the United Kingdom and Asia-Pacific.

In the announcement, Litica explained that this approval authorises Litica Europe to underwrite insurance for policies with adverse cost limits of up to €15 million, which it says is “one of the most substantial and material levels of authority granted by Lloyd’s Syndicates in the commercial litigation insurance space.” This extension will also allow Litica to offer bespoke solutions to the European market, allowing for tailored products that are more suited to Europe than the UK.

Litica also highlighted that it has now underwritten over €2.2bn of risk to date, with cases spanning a range of litigation and arbitration.

More information about the approval and Litica’s ongoing work can be found in the full announcement here.

Renovus Capital Partners’ Portfolio Company Angeion Group Acquires Donlin Recano

By Harry Moran and 4 others |

Angeion Group, a premier provider of end-to-end group litigation services, today announced the acquisition of Donlin Recano & Co. LLC, a distinguished leader in bankruptcy administration. This strategic acquisition enhances Angeion Group’s comprehensive suite of tech-enabled legal services, reinforcing its position as the market leader in group litigation support.

With a legacy of serving over 200 national clients across diverse industries, Donlin Recano brings decades of expertise in claims management, noticing, and bankruptcy case administration. By integrating its operations, Angeion Group is poised to set a new industry standard—leveraging technology, precision, and innovation to redefine the way complex bankruptcy matters are managed.

“Bringing Donlin Recano into the Angeion Group family allows us to apply our hallmark commitment to accuracy, innovation, and efficiency to an already well-respected leader in the restructuring space,” said Steven Weisbrot, CEO of Angeion Group. “Our vision is clear: we will continue to listen to our clients, anticipate their evolving needs, and deliver transformative solutions that exceed expectations.”

This acquisition marks a significant expansion of Angeion Group’s service offerings, seamlessly integrating Donlin Recano’s proven expertise with Angeion’s award-winning technology and client-first approach. Together, the combined division, Angeion Group Bankruptcy Services, will provide an elevated standard of service to law firms, financial institutions, and corporate clients navigating the complexities of bankruptcy and restructuring.

“We’re excited to see the momentum that Angeion Group is building both through organic and inorganic growth,” said Greg Gladstone, Vice President at Renovus. “Donlin Recano seamlessly complements Angeion Group’s extensive legal services capabilities by adding bankruptcy expertise, unlocking significant opportunities for growth and delivering enhanced value to our clients.”

With this acquisition, Angeion Group continues its trajectory of strategic growth and industry leadership, reaffirming its commitment to delivering best-in-class tech-enabled legal services across the litigation and bankruptcy sectors.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging technology, expertise, and data-driven strategies to deliver best-in-class solutions for complex litigation matters. With a reputation for excellence, innovation, and unwavering client commitment, Angeion Group continues to redefine industry standards.

IQuote Announces New Dubai Office to Support Global Technology Strategy

By Harry Moran and 4 others |

In the ongoing struggle to carve out opportunities within the competitive legal funding market, smaller regional funders are increasingly looking to technology-oriented strategies to try to grow their operations and compete with the established market leading companies.

An article in Insider Media covers an announcement from litigation funder IQuote Limited, who are expanding their operations with the opening of a new office in Dubai. IQuote, which was founded in Manchester in 2016, sees the Dubai office as a major step in its strategy to strengthen its technology capabilities, with plans to embark on a recruitment drive to staff this new office.

Along with this expansion to a new region, IQuote is also working on bolstering its Manchester office with new hires to build on its existing strength in the European market. IQuote is looking to recruit for several positions, including a Head of European Opportunities, Data and Risk Analysts to enhance financial forecasting, and auditors for account management and reporting. 

Craig Cornick, CEO of IQuote, highlighted Dubai’s place as “a global innovation hub”, with the new local footprint allowing the company to “tap into a wealth of talent and technological resources.” Explaining IQuote’s unified approach across these different regions, Cornick said, “By strengthening both our Manchester and Dubai teams, we’re ensuring that we have the resources and expertise needed to meet the increasing demand for our services across Europe and beyond.”