Addept Insurance Services has unveiled the first two products in its new suite of legal expenses insurance (LEI) offerings, marking a significant step for the company since its establishment in 2024.
The newly launched products, Rent Protect ‘Essentials’ and Officers’ Legal Protection, cater to distinct market needs. Rent Protect offers legal expenses and rent guarantee insurance aimed at landlords, ensuring compliance with the Renters’ Reform Bill. Meanwhile, Officers’ Legal Protection provides legal coverage for police officers and their families.
The company has already secured major contracts for both products. Officers’ Legal Protection will be accessible to over 50,000 members of the Police Federation in England and Wales, accounting for more than 35% of the total membership. Rent Protect is set to cover more than 4,000 residential tenancies.
Irwell Insurance Company, rated B++ (Good) by AM Best, is providing the capacity for both products. The specialist insurer is known for its focus on legal expenses and liability coverage.
Richard Finan, Managing Director of Addept Insurance, emphasized that the company’s move into the LEI market is a natural progression. He highlighted challenges within the market, including low customer awareness, regulatory pressures regarding Fair Value, and the underutilization of LEI products.
“The initial market response has been very positive,” said Finan. “We’ve secured several contracts with managing general agents (MGAs) and broker partners.”
On the collaboration with Irwell Insurance, Finan added, “Irwell shares our commitment to delivering quality LEI products through multiple distribution channels.”
Giles Reading, CEO of Irwell Insurance, noted the alignment between the two companies, stressing their shared expertise in the LEI market and a mutual focus on providing fair-value products.
Legal expenses insurance has grown in importance in the UK due to increasing legal costs. Traditionally covering legal fees for disputes in areas like property, employment, and personal injury, LEI has become more popular both as an add-on to existing policies and as standalone coverage. Reforms such as the Jackson Reforms, which restrict the recovery of legal costs in civil cases, have further fueled the demand for LEI products.
Looking ahead, Addept Insurance plans to expand its LEI portfolio in 2025, with new products targeted at the leisure, personal, motor, and SME sectors.
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