Palisade Insurance Partners, a specialty management general underwriter, launched with plans to offer a range of contingent legal risk insurance and other specialty insurance products in the US and international markets. The company intends to start offering products in the second half of 2022.
Headquartered in New York, Palisade specializes in underwriting insurance related to litigation, other contingent risks and transaction insurance, including representations and warranties and tax insurance.
Palisade is led by John McNally, President, who most recently led NFP’s Mergers & Acquisitions Risk Solutions Group focusing on transaction insurance. Earlier in his career, McNally led the transactions insurance practice at JLT Specialty USA. He also held senior underwriting positions at AIG and the Beazley Group in New York and London.
Palisade seeks to meet the growing demand for specialized insurance capacity across the legal spectrum, including from corporate clients, law firms, asset management funds, specialized financial vehicles and litigation finance firms. McNally maintains that the insurance needs of these clients to mitigate and manage contingent legal risks have substantially outstripped available market capacity.
According to McNally, the global litigation funding market is estimated to be a nearly $12 billion annual industry, with significant year-over-year growth, while the global legal services industry is expected to top $1 trillion in revenue per year. rates for 2022.