Appleby's Isle of Man office has advised on the establishment of Erso Capital, a new litigation funding vehicle.
Erso Capital, which is structured as an Isle of Man protected cell company, is a dedicated commercial litigation funding venture, which provides capital to small and medium sized businesses, corporations and law firms across the full spectrum of legal asset opportunities. It was established by a highly experienced team of industry professionals with over 60 years' combined experience in commercial litigation finance and risk transfer and works closely with its founding affiliate groups, TheJudge and Thomas Miller.
TheJudge has over 20 years' exclusive experience in arranging specialist insurance policies to remove the economic risk involved in pursuing commercial litigation and arbitrations. It is part of Thomas Miller Speciality and a wholly-owned subsidiary of the Thomas Miller Group, a global insurance and asset manager founded in 1885, currently managing over £2.6bn of assets and over £1bn gross written premium per annum.
Appleby advised on all aspects of the establishment of Erso Capital, including corporate and regulatory matters, with a team led by Isle of Man-based corporate partner, Garry Manley.
James Blick, one of Erso Capital's co-founders, commented: "Garry and his team provided us with the crucial support and advice necessary to make Erso Capital a reality. The advice we received from Appleby was clear, concise and user-friendly, and their response times are first class, which has been especially important on this matter where our founders are spread across multiple time zones. Knowing we had the best people leading us through the complexities of the establishment process allowed us to focus on the commercial aspects of our new business and compiling our excellent team."
Appleby partner Garry Manley said: "We are delighted to have assisted with the establishment of Erso Capital, and it is fantastic that a strong business with such a high quality team chose the Isle of Man as its home. Third party litigation funding promotes access to justice, and the use of third party funding continues to gain acceptance in the common law world, as illustrated by the recent introduction of the Private Funding of Legal Services Act, 2020 in the Cayman Islands, which Appleby discussed in this note. We look forward to working with Erso Capital as it continues to grow, and we wish James and his team every success."