Advent Solutions Management, the specialist provider of support services for start-ups, entrepreneurs and managing general agents, announced plans to create a multi-discipline insurance business with gross assets of US$100 million.
Advent will target growth in the global delegated authority market and expects to be processing premiums of $200 million within five years.
Growth will be driven from London, and Advent will continue to develop its presence in the MGA and retail distribution sectors, the company said in a statement.
Advent said it also anticipates growth from its recently established global network in the U.S., Canada and Australia and a soon-to-be-launched venture in U.S.
To facilitate its growth plans, Advent’s London headquarters this week moved to larger offices at 3 Lombard Street in the City of London.
Also, as part of its strategy to increase diversified revenues, the Malta-based protected-cell vehicle of Advent’s investment partner Abbey International Finance Ltd. (AIF) has been rebranded as Advent Insurance PCC Ltd., the Advent statement went on to say.
“The company will provide a cost-effective entry mechanism for clients looking to self‑insure and is authorized to underwrite all classes of non-life insurance. AIF also provides underwriting capacity through its Dublin-based insurer, Advent Insurance, mainly in North America,” Advent said.
Advent’s ambitious expansion plans follow significant investment by AIF in August, which resulted in AIF holding a 40 percent stake in Advent. AIF has committed to providing funding to Advent for acquisitions to support the five-year plan.
“We are delighted to have moved to our new larger premises on Lombard Street and entered the next phase of planned growth,” said Advent founder and managing director David Hill.
“Our future expansion is contingent on successfully alleviating the considerable pressures facing delegated authority businesses to enable them to thrive,” he said.
About Advent
Advent was launched in 2000 as a London market wholesale broker and distributor of retail insurance products with clients in the UK, Europe and the Middle East. It has expanded to become a provider of operational, logistical, regulatory and administrative services for underwriters and distributors of insurance products. In 2015, Advent Insurance Management was launched, establishing a presence in the U.S., Canada and Australia, with access to over 80 percent of Lloyd’s coverholders.
Advent said its range of consultancy and support services in the U.K. and internationally “alleviate regulatory and competitive pressures to allow delegated authority underwriting businesses to thrive.”
Topics London
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