Raincock loses second underwriter

Legal Expenses insurance company Litigation Protection, headed up by high profile insurer Brian Raincock, has parted company with the underwriters of its before-the-event intellectual property policy.

Templeton Insurance, sole underwriters for the policy which had an expanding annual turnover of around £200,000, withdrew its support from Raincock's company last week.

Raincock admitted that Templetons had lost confidence in his business but said that the parting was "mutual" and that he would be placing future IP business on the Lloyd's market.

Meanwhile, Raincock has found new underwriters for his conditional fee backed after-the-event insurance policies, which were underwritten by Isle of Man Assurance until it pulled out on 1 July.

Two Lloyds syndicates Catlin and Venton are now insuring the policies.

Raincock said the cover had not changed in any way and that it would be "a seamless transfer".

Raincock has been prominent in lobbying the Lord Chancellor's Department over the advantages of extending conditional fee insurance and has worked closely with Geoff Hoon, Lord Irvine's deputy, to promote the merits of the Government's legal aid reforms.

Last week he shared a platform with Hoon at a conference on conditional fees.