Lloyd’s insurer Advent announced the launch of its online pricing and placing tool, PVPlus. Developed in partnership with CFC Underwriting, this solution gives small and medium sized (SMEs) businesses in the Middle East and North Africa region access to low-ticket political violence (PV) cover as well as highly rated Lloyd’s security by dramatically reducing underwriting costs, the company said in a statement.
Benefits of the platform include:
- Insured limits of up to US$10 million
- 100 percent capacity offered in one market
- No client too small; no minimum premiums
- Broad range of perils covered, including business interruption; sabotage & terrorism (S&T); strikes, riots & civil commotion (SRCC), and war
- Maximum six-hour turnaround on quotes
- Fully compliant, bound slips produced at time of binding.
In a separate announcement, Advent hired Antoine Bdadouni as business development manager for all classes and territories. He joined on June 1 and reports to Tariq Al-Salihi, deputy active underwriter.
Bdadouni brings 10 years’ broking experience and joins Advent from Guy Carpenter, where he lastly headed up their Dubai DIFC branch for facultative business, an office he helped to establish in 2013. Prior to this, he was also a member of the Marsh and McLennan MENA executive committee and began his career as a reinsurance broker at Nasco in Paris.
“In today’s political climate, SMEs in MENA are the prime example of a buyer class that could greatly benefit from appropriate PV insurance,” said Laura Goldsworthy, Advent’s head of political violence.
“Yet, it is still vastly underinsured because of the disproportionately high costs to transact local, low-value business via specialists based in London,” she added.
“Our new partnership is a game changer as it means we can deliver our expertise directly to local brokers, allowing us to pass on significant savings to customers in this vital market. I look forward to working alongside Antoine to deliver a trustworthy, cost-efficient solution, backed by ‘A+’ rated capacity, to businesses that really need it.”
Advent is a wholly owned subsidiary of Fairfax Financial Holdings Ltd., a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Advent underwrites through Syndicate 780 at Lloyd’s, which has been conducting business since 1974.
Source: Advent
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