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Member, Beacon International Group, Ltd.
Patent risk management solutions company RPX Corp. has received approval to act as a coverholder at Lloyd’s of London, RPX announced Wednesday.
RPX Insurance Services L.L.C. will provide marketing, underwriting and claims management services on behalf of a syndicate at Lloyd’s, RPX said.
The company also has set up a reinsurance company to share in the risk, it said.
The coverholder will offer coverage for companies facing patent infringement litigation with nonpracticing entities, also known as “patent trolls.”
San Francisco-based RPX reduces clients’ risk exposure by acquiring patents before NPEs can assert them against its clients.
“Our approval as a coverholder at Lloyd’s further endorses our unique approach and paves the way for RPX to offer a mainstream insurance product that could become as widely accepted as directors and officers or cyber liability coverage,” said John A. Amster, CEO and co-founder of RPX, in a statement.