AmTrust Europe has acquired well-known legal expenses insurer Composite Holdings Limited from its existing shareholders for an undisclosed sum.
Headquartered in Cardiff, Composite, through its subsidiaries Composite Assistance and Composite Legal Expenses, provides insurance and administration services to insurance companies, brokers and affinity groups.
Max Caviet, president and CEO of AmTrust International, said: “The acquisition of Composite represents a significant step forward for AmTrust Europe in establishing ourselves as a leading market for legal protection insurance products in the UK.
“We have provided underwriting capacity to Composite for the past four years and this acquisition marks a natural step in the evolution of our relationship. We are also delighted that Composite’s senior management team will be remaining with the business.
“The combination of the skills and experience within Composite and AmTrust makes for a compelling and exciting business going forward.”
Meanwhile, Temple Legal Protection has reported that its post-LASPO premium for clinical negligence cases has been ruled fully recoverable by Master Leonard in the Senior Courts Costs Office.
In Nokes v Heart of England Foundation NHS Trust, the insurance policy was taken out by Ms Nokes to cover the costs of expert reports for her claim. Temple reported that Master Leonard found the policy was fully compliant with the statutory requirements and the premium of £5,680 + IPT was reasonable and proportionate.
David Pipkin, director of underwriting at Temple, said “This is a most positive decision from an experienced member of the judiciary which will comfort the thousands of victims of medical accidents who, without ATE insurance funding, would be unable to pursue their claims.
“It is important there should be some certainty that ATE insurers can obtain reasonable returns in what is a very risky area of litigation.”
We have now reported the Nokes judgment in full. Click here.