Bico Risk Management has launched a new legal expense insurance product underwritten by Omega General Insurance.
Bico Legal Cost Protection has been fully approved by Canadian federal and provincial financial regulators and is now available to new clients across the country.
In September 2016, Bico agreed with provincial regulators, FSCO and FICOM, to restrict the issuance of new legal cost indemnity contracts pending a "long term solution" whereupon they would be offered as a regulated insurance product.
All pre-existing indemnity contracts issued by Bico – covering the legal cost exposure of tens of thousands of Canadian personal injury plaintiffs – have remained in effect and have been fully administered on their original terms, including the payment of claims.
We very much appreciate the cooperation that we received from FSCO and FICOM to develop a solution that serves the best interest of our clients.
With the long term solution now complete, all outstanding Bico indemnity contracts will be converted to new Bico Legal Cost Protection insurance policies, effective immediately.
Bico Risk Management chairman & CEO John Rossos said: "Bico Risk Management is emerging as a stronger company benefitting from our new strategic partnerships with Omega, insurance broker partner EasyInsure and two leading global reinsurers.
"This new arrangement provides us with the resources to offer a broader range of products and enhanced services to our clients. The market for litigation cost protection in Canada is expanding rapidly and we are proud of the leading role we have played in its development since 2009.
“This is the next step in the evolution of our business offering innovative new products and services to the Canadian personal injury market. We are exceptionally pleased to be in a position to continue to serve our clients and are grateful for their tremendous support and loyalty throughout the process."