Firms in the insurance sector have bucked the downturn in the global economy to put in a strong performance in 2008-09.

Insurance specialists Kennedys and Berrymans Lace Mawer have joined the top 50 after both reported revenue increases of more than 20%. Together with fellow insurance firms Holman Fenwick Willan, Barlow Lyde & Gilbert and Clyde & Co, the group significantly outperformed the top 50 as a whole.

Turnover grew by 20.9% on average across the five firms, while profits per equity partner (PEP) increased by 7.2%. In contrast, across the top 50 revenues grew by 2.9% on average while PEP fell by 17.3%.

In addition to the two new entries, the other three firms all improved their position in the rankings after solid performances. Holman Fenwick jumped 10 spots to number 28 in the rankings after boosting revenues by 27%. Clydes climbed a couple of spots on the back of a 17.8% increase in revenue, while Barlows nudged up one position with 6% revenue growth.

The firms attributed their strong performances to an increase in litigation.

Holman Fenwick senior partner Richard Crump said: "Due to market volatility, peoplehave needed advisers. The fallout has prompted clients to look at contracts and/or they are concerned about counter-party risk. Activity levels have been good on the disputes sidebut slower on the transactional side."

Barlows chief executive Clint Evans said the firm had been busy, with litigation particularly active. He added: The shipping market has taken off. It works on a cycle, which is slightly dislocated to other insurance disputes matters."