Leading litigation finance broker TheJudge has been bought by insurance company Thomas Miller and launched a new funding business with access to more than $1bn in capital.
With offices in London, California and Toronto, Erso Capital will be investing in commercial litigation and arbitration cases around the world.
As a result, TheJudge is ceasing its litigation funding broking and will instead focus solely on expanding its range of litigation insurance products, which include contingency fee insurance for damages-based agreements.
Erso is led by TheJudge veterans Matthew Amey, James Blick and James Delaney. Between discretionary funds, single managed accounts and co-investment funds, Erso has access to capital in excess of $1bn and Thomas Miller said the company was able to consider opportunities from as low as a £200,000 capital commitment to more than £200m.
It will consider single case funding, portfolio finance, law firm funding and ‘award monetisation’ (purchasing existing awards).
Erso has hired Caroline Parker-Beaudrias from US firm Hughes Hubbard & Reed as its investment counsel, with UK-based solicitor and full-time arbitrator James Clanchy – former registrar of the London Court of International Arbitration – as consultant counsel.
Mr Delaney said: “We see Erso as a next-generation litigation funder. We have the capital resources and appetite to consider a very broad spectrum of commercial disputes, while also being adaptable to seamlessly work alongside the other risk management tools available via TheJudge.”
Mr Amey added: “The common relationship between the Erso and TheJudge means there is no fear of competition or need to upsell the virtues of one product versus another, which allows us far greater flexibility to deliver optimal solutions.”
Mr Blick is based in California office. He said: “The launch of Erso forms part of our strategic plans, alongside our partners at Thomas Miller, to deliver a unique platform of financing and risk management solutions for legal assets in all our key jurisdictions.”
Bruce Kesterton, chief executive of the Thomas Miller Group, said: “The acquisition of TheJudge Group adds to the breadth and strength of our offering.
“TheJudge has a respected and trusted name in this specialist industry and comes with a renowned management team in their sector.”