Well-known after-the-event insurance broker Universal Legal Protection (ULP) is to ramp up its third-party litigation funding offering after recruiting the former UK head of sales and marketing at Burford Capital.
Tim Porter joins ULP as business development director, responsible for developing all existing and future product lines in response to the increased demand for litigation insurance and funding.
Richard Myrtle, ULP’s managing director, explained that because litigation funding is currently an unregulated activity, most insurance brokers feel unable – or are not allowed – to provide any sort of service in this area.
He said ULP will be careful neither to give advice nor make recommendations, but the aim is to remove the legwork from the client or solicitor by sourcing all of the options for them to consider.
He added: “Tim’s appointment demonstrates our confidence in and commitment to the litigation insurance and funding markets. We continue to deliver new products in response to the ever-changing economics of litigation and we continue to work with law firms, funders and their respective clients to create risk transfer solutions to reflect risk appetite, tolerance and budget.
“Like us, Tim is passionate about giving clients choice and he understands that to consistently grow your business you need to put your clients’ needs before your own.”
Mr Porter said: “I’m delighted to be joining ULP. The role of the broker is essential in an ever-changing marketplace where clients will increasingly demand choice. There is plenty of litigation risk capital available in the UK, and competition will force funders to consider a broader portfolio of investments.”