UK-based insurer PIB Group has acquired Litica, a litigation insurance provider, for an undisclosed sum.
Established in 2019, Litica was co-founded by Stephen Bolster and Steve Ruffle in London and further expanded operations to Australia, the US and Germany.
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Litica is a Lloyd’s cover holder and has a panel of insurer backers. PIB said the access to significant insurance capacity allows it to underwrite a range of complex and high-value litigation types.
PIB Group Underwriting and Schemes CEO Charles Burgess said: “Having Litica join PIB Group marks an exciting milestone, enabling our MGA [managing general agent] 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 are excited to have Stephen, Steve and their team join us – their experience will be invaluable.”
Bolster stated: “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.”
PIB Group was founded in 2015 and backed by investment from Apax Funds and the Carlyle Group.
Last month, the group broadened its reach in the Irish insurance market through the purchase of John O’Donohue Insurances via its Irish division, Campion Insurance.
The company offers specialist risk and insurance advisory services, with a focus on retail, wholesale and commercial insurance.
