PIB Group Acquires Litica, Bolstering Litigation Insurance Capabilities
PIB Group, a specialist insurance intermediary backed by Apax and The Carlyle Group, has expanded its presence in the litigation insurance market through the acquisition of Litica, a Managing General Agent (MGA). Litica specializes in providing insurance-backed solutions for litigation and arbitration cases.
This strategic acquisition enhances PIB’s MGA division, particularly in key international markets. Litica, founded in London in 2019 by Stephen Bolster and Steve Ruffle, quickly became a prominent provider in the litigation insurance sector, offering tailored products to individuals, businesses, and law firms. The company broadened its operations over several years to include Australia, the United States, and Germany, leveraging a panel of insurer backers and its status as a Lloyd’s coverholder.
With the acquisition, PIB Group is positioning itself to capitalize on the rising demand for financial protection against legal disputes. The move also strengthens PIB’s underwriting and risk management capabilities across multiple jurisdictions. Charles Burgess, CEO of underwriting and schemes at PIB Group, views the purchase as a significant step for the company’s wholesale division. “Having Litica join PIB Group marks an exciting milestone, enabling our MGA division to enter the next phase of growth,” Burgess said. “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.”
Litica has established a strong reputation for providing After-the-Event (ATE) insurance and litigation risk solutions, having provided hundreds of millions of dollars in insurance capacity. The company has also earned recognition for its underwriting expertise, with its legally trained professionals consistently receiving high industry ratings.
Co-founder Stephen Bolster expressed confidence in the new partnership. “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,” Bolster said. “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 of Litica, echoed this sentiment. “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,” Ruffle said.
Litica’s expansion into Australia in 2022 was a pivotal moment, during which the company sought to fill a gap in the market by providing locally backed litigation insurance solutions. The company has since become well-known in the Australian market, receiving top rankings from Chambers and Partners, as well as industry recognition for its leadership team. The Sydney office, located on York St., is led by Philip Lomax, formerly of the London Stock Exchange.
The acquisition is expected to support Litica’s international expansion and reinforce PIB Group’s commitment to growth through strategic acquisitions, while also strengthening its expertise in niche insurance markets. The increasing complexity and cost of litigation and arbitration cases suggest that demand for specialized legal cost insurance will continue to grow.
