Ignite Specialty Risk

A UK managing general agent specialising in litigation insurance, such as after-the-event cover, for law firms, funders and their clients.

About Ignite Specialty Risk

Ignite Specialty Risk is a managing general agent, which means it is authorised to underwrite insurance on behalf of insurers. It focuses on litigation risk: insurance connected to legal cases. Its products include after-the-event insurance, which protects a person or company against having to pay the other side's costs if they lose, as well as security for costs cover, solicitor costs cover and capital protection for litigation funders and law firms.

The company was launched in 2022 in the UK by a team with experience in litigation funding and insurance. Its chief executive and co-founder is Byron Sumner. On its directory page it says it is committed to going above and beyond its customers' needs. It stresses competitive, timely quotes, continually monitoring its product lines and working with every part of the insurance value chain. We did not find a longer published mission statement.

Ignite built its business in the London market, where it says it offers the most extensive range of litigation insurance products among UK providers. It is a trading name of Mission Underwriters UK and Europe Ltd and underwrites on behalf of Accelerant, with cover backed by capacity rated A- (Excellent) by AM Best. It has since launched litigation products in the European Economic Area, built operations in Australia and launched Litigation Capital Protection Insurance in the US, led by Nicole Silver. It does not name its UK office addresses in the pages we could read. Its London market focus includes working with brokers, solicitors and litigation funders, and it has said it supports a large portfolio of litigation capital for clients in the UK and US.

The team is notable for having legal training. Recent hires named by the company include technical underwriters who are qualified solicitors with experience at firms such as RPC, Latham and Watkins, DLA Piper and ClientEarth, a portfolio manager who was previously a placing broker at Marsh, and a chief of staff with senior experience at Liberty Mutual, MS Amlin and Hiscox. Chambers and Partners recognised some of its team members. It also announced a hire in 2023 of an ATE operations manager who previously ran a business support firm, and a technical underwriter who had been a restructuring and insolvency associate at Mayer Brown for five years.

Roles at a firm like this include underwriters, portfolio managers, operations staff, claims and monitoring specialists, and business support. Many of its underwriters come from law, so a law or business degree is a natural route in, though insurers also hire from many other subjects.

What they do

• {'desc': "Protects against paying the other side's costs in litigation.", 'title': 'After-the-event insurance'}
• {'desc': 'Cover for funders and law firms investing in a portfolio of cases.', 'title': 'Litigation capital protection'}
• {'desc': 'Cover that supports the cost of bringing or defending a claim.', 'title': 'Security for costs and solicitor costs cover'}

Key facts

• Launched in 2022 in the UK by litigation funding and insurance specialists (Legal Futures)
• Chief executive and co-founder: Byron Sumner (Legal Futures; Insurance Business)
• Trading name of Mission Underwriters UK and Europe Ltd, underwriting for Accelerant (Legal Futures directory)
• Launched Litigation Capital Protection Insurance in the US (Legal Futures)

Website: www.ignitespecialtyrisk.com