Addept Insurance has entered the legal expenses insurance (LEI) market to tackle challenges including limited customer understanding, regulatory focus on Fair Value, and low product utilisation.
The company aims to take an innovative approach to bridging gaps, solving problems, and responding rapidly to regulatory and market changes.
The firm specialises in providing ancillary insurance solutions that help brokers and intermediaries address emerging risks while remaining compliant with regulatory standards.
Its portfolio focuses on innovative insurance products tailored to respond to market demands.
Addept Insurance’s first LEI products are Rent Protect ‘Essentials’ and Officers’ Legal Protection.
Rent Protect ‘Essentials’ offers low-cost legal expenses and rent guarantee coverage designed for landlords and compliant with the Renters’ Reform Bill. Officers’ Legal Protection provides dedicated and enhanced legal expenses coverage for police officers and their families.
Both products include a digital claims portal, allowing policyholders to submit claims via mobile devices.
The company has already secured schemes for both products. Officers’ Legal Protection covers over 50,000 Police Federation members in England and Wales, representing more than 35% of total membership.
Rent Protect is already supporting over 4,000 residential tenancies. Capacity for these products is provided by Irwell Insurance, a specialist legal expenses and liability insurer with an AM Best B++ (Good) rating.
Richard Finan, managing director of Addept Insurance, said, “Our entry into LEI is a natural progression for us. It is a market that has experienced challenges ranging from a lack of customer understanding around the product to the Regulator’s focus on Fair Value and low levels of utilisation. The team’s significant experience and expertise in the market, combined with our focus on solving problems, addressing gaps and responding quickly to market and regulatory changes, has enabled us to take a more innovative approach to meeting the needs of today’s insurance customers.
“The initial response from the market has been very positive and we have been able to secure several contracts with MGA and broker partners.”
Commenting on the partnership with Irwell Insurance, Richard Finan said, “We have found a capacity provider that understands our approach and shares our commitment to deliver best in market LEI products through a diverse range of insurance distribution channels and their customers.”
Giles Reading, CEO of Irwell Insurance, said, “We are delighted to be working with Addept Insurance who share our extensive knowledge and experience in the LEI market. This, together with their focus on innovating the market and delivering relevant and fair value products, makes this an exciting business partnership as both companies continue to grow.”
Richard Finan added, “Our first LEI products were built on the strong foundations we created following our launch in 2024. We will continue to build on this success by remaining focused on our commitment to only design and deliver solutions where we can address gaps and solve problems for customers while continuing to ensure we are delivering value.
“Our independence and our hybrid operating model enable us to work with a broad range of capacity, distribution and strategic partners to ensure we continue to deliver the right solutions to meet the needs of our clients’ and their customers.”
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