Palisade entering specialty legal risks market, names president
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Palisade Insurance Partners LLC said Thursday it is entering the specialty market for legal risks and named industry veteran John McNally as president.
Based in New York, the managing general underwriter will write contingent legal and transactional liability coverage, including representations and warranties and tax insurance.
Palisade aims to offer coverage in the second half of this year as it looks to meet the growing demand for specialized insurance capacity from corporate clients, law firms, asset management funds, specialty finance vehicles and litigation finance firms.
Mr. McNally most recently led NFP Corp.’s merger and acquisition risk solutions group focused on transaction insurance and prior to that held various senior roles, including leading the transaction insurance practice at JLT Specialty USA.
“The global litigation finance market is estimated at a nearly $12 billion annual industry, with significant year-over-year growth, while the global legal services industry is expected to exceed $1 trillion in fee revenue by 2022,” Mr. McNally said in a statement.
